CVS Paid $25,750 In '08 To Transport Execs To Golf Outings

CVS in a report to its shareholders indicated that it last year "paid $25,750 for top executives to take trips connected to" the CVS Caremark Charity Classic, according to David Armstrong of the WALL STREET JOURNAL. CVS said that it paid the money "on behalf of three of its senior managers." Armstrong notes a "dinner and auction in which bidders vie for golf trips and vacation outings is a highlight" of the tournament at the Rhode Island Country Club, which is "put on by a nonprofit organization whose board is made up entirely of CVS employees." The trips that are auctioned "include high-level CVS executives as guests." CVS previously "hasn't reported paying for trips associated with the auction items" (WALL STREET JOURNAL, 3/26). 

HAPPY RETURNS: In Boston, Michael Whitmer reports the two PGA Tour events annually held in New England -- the Deutsche Bank Championship in Boston and the Hartford-based Travelers Championship -- have "avoided the [economic] maelstrom, receiving financial support and continuing their efforts at making their tournaments appealing for fans and players." Deutsche Bank has a contract with the PGA Tour to "serve as title sponsor through 2010, with a two-year option that can extend it" through '12, while Travelers "just extended its deal with the tour, and now has a contract as title sponsor" through '14. Travelers Exec VP & Chief Administrative Officer Andy Bessette: "This tournament is so good for us, for the community, and for the charities we give to, right now was the time to do this extension. Our company is strong, and we're just getting rolling. We want to grow this event." Whitmer notes Travelers "has been involved with the tournament" since '52. Meanwhile, Deutsche Bank Americas CEO Seth Waugh, who noted that the bank "hasn't accepted any government money, pointed to four reasons the PGA Tour deal is a good business arrangement: expanding the Deutsche Bank brand; spending time with clients in a unique way; helping raise money for charities (since 2003, the event has raised nearly $14[M] for charitable causes); and pumping an estimated [$45-70M] of additional revenue into the region" (BOSTON GLOBE, 3/26).