Sacked Finance Boss Wins damages after charging £11,700 hotel bill to his corporate card

Simon Price faced termination from his senior role at a global investment firm after charging his stay at the luxurious Hotel Cipriani in Venice to his corporate American Express. The 52-year-old managing director was on a memorable trip with his daughter when his wallet was stolen in New York, leaving him without any other way to settle the hotel bill, which is favored by celebrities like Angelina Jolie and the Clooneys, and was recently named the best hotel in the world.

Mr. Price enjoyed a month-long holiday where he explored Venice and New York with his daughter. He also traveled to Albania with his girlfriend, Stephanie Antonian, who works in the tech industry. During this trip, he ended up accumulating a bill of £11,672 on his Amex since he was unable to use his own credit cards.

The tribunal learned that Mr. Price was aware he could utilize a 'reverse expenses' system at his workplace, allowing him to quickly reimburse the amount upon his return from the trip.

His superiors at the Canada Pension Plan Investment Board (CPPIB) were not pleased with the amounts he was spending, especially at Cipriani, which led to his termination. An employment judge criticized CPPIB for having issues with his lifestyle choices, stating that he was entitled to spend his money as he wished. Mr. Price took legal action against CPPIB, which manages the assets of the £360 billion Canada Pension Plan, for wrongful dismissal and was awarded £25,000 in compensation.

During the hearing in central London, it was revealed that Mr. Price, who was earning a high salary, joined CPPIB in October 2022 as the managing director for active equities in Europe. The businessman, based in London, was given a corporate Amex card that could only be used for personal expenses under specific conditions. In August 2023, it was reported that while on holiday in the USA with his daughter, his wallet was stolen.

‘His corporate credit card had been kept separately from his other cards in his work bag and had not been stolen,’ the tribunal heard.

‘He was aware of a mechanism to file “reverse expenses” and therefore used the corporate credit card with the intention to pay back any sums charged to that card for personal expenses.’

Mr. Price found himself in New York when his wallet was taken. Meanwhile, his daughter, who is under 18, was in Pennsylvania, prompting him to use his work card to book her flight to join him in the city. After reuniting, they were set to embark on a journey to Venice, Italy, for a three-night stay, with a stop at Heathrow airport along the way. Although Mr. Price canceled his cards, the replacements were sent to his home address. As a result, he had to complete their trip to Venice using his Amex card.

The Cipriani, which he had reserved in advance but hadn’t paid for, was named the best hotel in the world in 2023 by the French magazine La Liste. Regarded as the most glamorous hotel in Venice, it attracts a host of celebrities, including Brad Pitt, Angelina Jolie, George and Amal Clooney, and Elizabeth Taylor. During the summer, suites at this 5-star hotel can cost a fortune. After returning to the UK, Mr. Price found that his replacement cards had not yet arrived, so he continued his journey to a coastal hotel in Albania with his partner, Ms. Antonian, who operates her own AI business.

He had to purchase alternative flights with British Airways using his Amex card due to issues with their scheduled flights at Luton airport. Upon his return on September 5, 2023, Mr. Price recorded £11,672.91 as a ‘reverse expense’ to be deducted from his salary. In December 2023, he was informed that ‘everything was resolved’ regarding the finances.

However, the tribunal revealed that an internal inquiry was initiated concerning the high expense amounts, prompting HR in Toronto, Canada, to investigate further. The tribunal report indicated that internal emails from the company’s corporate services department showed disapproval of the expenses Mr. Price incurred, particularly at the Hotel Cipriani in Venice. Ms. Antonian became involved in the investigation when CPPIB questioned Mr. Price about his vacations.

When asked about his trips, Mr. Price initially claimed he traveled to Albania with his daughter but later admitted it was a falsehood and that he was actually with his partner.

During a meeting in January 2024, he explained that he lied about traveling with his daughter because ‘family life was a sensitive topic’ and he preferred not to disclose it to Toronto-based director Samantha Dachis, whom he had never met. After this meeting, Ms. Dachis spoke with senior managing director Frank Ieraci, leading to Mr. Price’s immediate termination. CPPIB stated that Mr. Price's behavior during the investigation was deemed ‘unacceptable’.

CPPIB mentioned that some reasons for his dismissal included the total amount spent, not exploring alternative payment methods, and misrepresenting his travel companions. During the tribunal, Employment Judge Alexandra Davidson stated that Mr. Price did not act with dishonesty.

Judge Davidson remarked, “Mr. Price found himself in a situation where using the corporate credit card was the only option to pay for certain expenses, and he fully intended to reimburse all his charges upon returning to the office. He continued his usual activities, using the corporate card as he would have used his personal card. Upon his return, he made efforts to repay these amounts without delay. It is not for CPPIB to suggest that he should have opted for a less expensive hotel in Venice or waited for hours at Luton airport to see if his flight would take off. Mr. Price is a high earner and has the right to spend what is ultimately his money as he chooses.

There is no indication that he sought to gain any advantage by using the corporate card; he simply wanted to avoid canceling his plans, which would have disappointed his daughter and girlfriend. I understand why he felt there was no reason to cancel his trips, especially since he intended to repay all charges to the corporate card right away. CPPIB seems to have issues with Mr. Price’s lifestyle choices, but in my opinion, these do not pertain to whether he violated his contract.” After his dismissal, Mr. Price engaged in some consultancy work but has not yet secured a new position.

Andrew Palmer