High-profile finance boss who was fired after charging £11,700 to his corporate card during a holiday wins severance pay

A top finance boss who paid for a stay at one of the world's most famous hotels with his company card when his wallet was stolen was fired after bosses “disapproved of his lifestyle”, an employment tribunal heard.

Simon Price was harshly fired from his senior executive role at a global investment firm after he used his corporate American Express to pay his bill at the five-star Hotel Cipriani in Venice.

The 52-year-old managing director, on a dream trip with his daughter, had his wallet stolen in New York and had no other way to pay for the hotel – popular with the likes of Angelina Jolie and the Clooneys, and recently voted best hotel of the world.

Mr Price was in New York when his wallet was stolen, however, his daughter, who was under 18, was in Pennsylvania and he had to use his work card for her flight to the city

As well as visiting Venice and New York with his daughter, Price visited Albania with his tech industry girlfriend Stephanie Antonian as part of a month-long holiday and ran up a £11,672 Amex bill because he couldn't use his own cards. .

The court heard that Mr Price knew he could use a “reverse expense” system at work, which meant he would promptly repay the amount when he returned from his trip.

But, their bosses at the Canada Pension Plan Investment Board [CPPIB] he disapproved of the amounts he spent – ​​mainly on Cipriani – and was fired.

The CPPIB was criticized by an employment judge who concluded that they “questioned his lifestyle choices” even though he had “the right to spend what was ultimately his money as he saw fit”.

Price successfully sued CPPIB – which invests the assets of the £360 billion Canada Pension Plan – for unfair dismissal and has now won £25,000 in compensation.

The hearing in central London was told 'highly paid'. Price joined CPPIB in October 2022 as Managing Director of Active Equities Europe.

The London-based businessman received a corporate Amex card that could only be used for personal payments in limited circumstances.

It was heard in August 2023 that he was on holiday in the US with his daughter and his wallet was stolen.

“His corporate credit card was kept separate from the other cards in his work bag and was not stolen,” the court heard.

'He was aware of a mechanism for recording “reverse expenses” and therefore used the corporate credit card with the intention of repaying any amounts charged to that card for personal expenses.'

Price was in New York while his wallet was stolen, however, his daughter, who was under 18, was in Pennsylvania and he had to use his work permit for her flight to the city.

Then, Price and her daughter were to continue their journey to Venice, Italy, for three nights, passing through Heathrow Airport.

Price canceled his cards, but replacements were sent to his home address, so he had to continue the trip to Venice with his Amex.

The Cipriani – which he pre-booked but did not pay for – was named the best hotel in the world in 2023 by French publication La Liste

The Cipriani – which you pre-booked but did not pay for – was named the best hotel in the world in 2023 by the French publication La Liste.

Considered the most glamorous hotel in Venice, it is a celebrity hangout and is popular with the likes of Brad Pitt, Angeline Jolie, George and Amal Clooney and Elizabeth Taylor.

5-star hotel suites can cost thousands during the summer.

After returning to the UK, Mr Price's replacement cards had not arrived and he set off on the next leg of his journey, to a coastal hotel in Albania with his partner, Ms Antonian, who runs her own AI business.

He had to pay for alternative flights with BA on Amex after problems with his scheduled flights at Luton Airport.

Upon his return on 5 September 2023, Mr Price recorded £11,672.91 as a 'reverse expense' to be deducted from his salary.

In December 2023, he was told that “everything was sorted” financially.

However, the court heard an internal issue about the high expense amount and HR in Toronto, Canada began investigating the matter.

«It is evident from the internal emails of the [company’s] corporate services department that did not approve the values [Mr Price] was spending, for example, on the Hotel Cipriani in Venice,' the court report said.

Ms Antonian was eventually drawn into the investigation when the CPPIB questioned Mr Price while he was on holiday.

Asked about his travels, Price said he went to Albania with his daughter, later accepting that it was a lie and that he went with his partner.

In a meeting in January 2024, he said he lied to his bosses, saying he went with his daughter because “family life was a sensitive subject” and that he didn't want to share it with Toronto director Samantha Dachis, who he never he knew. .

Following the meeting, Ms Dachis discussed the matter with managing director Frank Ieraci and Mr Price was dismissed with immediate effect.

The CPPIB said the way Mr Price behaved during the investigation was “unacceptable”.

The CPPIB also said that some of the relevant factors for his dismissal were “the amount of expenses”, “the failure to use alternative measures to avoid using the card” and the lie about who he was traveling with.

In court, Employment Judge Alexandra Davidson said Price was not acting “dishonestly”.

Judge Davidson said: '[Mr Price] discovered that he was in a position where the only way to pay for certain items was to use his corporate credit card, and he intended to pay all his expenses when he returned to the office.

'[Mr Price] Therefore, he continued with his normal life, using the corporate card where he would have used his own card.

'Upon returning to the office he attempted to refund these amounts promptly.

'It's not for [CPPIB] suggest that he stay in a more modest hotel in Venice or that he wait for hours at Luton airport to see if his plane would depart.

'[Mr Price] He earns a lot and has the right to spend what was ultimately his money as he sees fit.

'There is no suggestion that he tried to gain advantage by using the corporate card, he simply wanted to avoid canceling his arrangements, which would have meant disappointing his daughter and his girlfriend.

“I can see why he saw no reason to cancel his trips, as he would immediately return all amounts charged to his corporate card.

'THE [CPPIB] seems to disagree and disapprove [Mr Price’s] lifestyle choices. In my opinion, these questions do not address the question of whether he breached the contract.”

Price did some consulting work after his resignation, but has not yet taken on a new role.