High-flying finance boss who was sacked after charging £11,700 to his corporate card during a holiday wins compensation

A high-flying finance boss who paid for a stay at one of the world’s most famous hotels on his company card when his wallet was stolen was fired after bosses ‘disapproved of his lifestyle’, an employment tribunal heard.

Simon Price was harshly sacked from his senior executive post at a global investment firm after he used his corporate American Express to pay his bill at Venice’s five star Hotel Cipriani.

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

Simon Price was harshly sacked from his senior executive post at a global investment firm after he used his corporate American Express to pay his bill at Venice’s five star Hotel Cipriani

Mr 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 the work card for her flight to the city

As well as seeing Venice and New York with his daughter, Mr Price visited Albania with his tech industry girlfriend Stephanie Antonian as part of a month-long holiday and racked up a bill of £11,672 on the Amex because he could not use his own cards.

The tribunal heard Mr Price knew he could use a ‘reverse expenses’ system at work which meant he promptly re-paid the sum when he returned from his trip.

But, his bosses at Canada Pension Plan Investment Board [CPPIB] disapproved of the amounts he spent – particularly at the Cipriani – and he was sacked.

CPPIB was criticised by an employment judge who found that they ‘took issue with his lifestyle choices’ even though he was ‘entitled to spend what was, ultimately, his money as he saw fit’.

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

The hearing in central London was told ‘highly paid’ Mr Price joined CPPIB in October 2022 as managing director active equities Europe.

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

It was heard in August 2023 he was in the USA with his daughter on holiday and 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 was in New York while his wallet was stolen, however, his daughter, who was under 18, was in Pennsylvania and he had to use the work card for her flight to the city.

Then, Mr Price and his daughter were due to continue their trip to Venice, Italy, for three nights, going via Heathrow airport.

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

The Cipriani – which he had pre-booked but had not paid for – was voted the best hotel in the world in 2023 by French publication La Liste 

The Cipriani – which he had pre-booked but had not paid for – was voted the best hotel in the world in 2023 by French publication La Liste.

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

Suites at the 5-star hotel can cost thousands during the summer.

After returning to the UK, Mr Price’s replacement cards had not arrived and he went on the next leg of his trip, 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 the Amex after issues with their scheduled flights at Luton airport.

Upon his return, on September 5, 2023, Mr Price entered up the £11,672.91 as a ‘reverse expense’ to be deducted from his salary.

In December 2023, he was told ‘everything was resolved’ financially.

However, the tribunal heard an internal query was raised about the high value of the expenses and HR in Toronto, Canada, began looking into it.

‘It is apparent from the internal emails within the [company’s] corporate services department that they did not approve of the amounts [Mr Price] was spending, for example at the Hotel Cipriani in Venice,’ the tribunal report said.

Ms Antonian ended up being dragged into the investigation when CPPIB interrogated Mr Price over his holidays.

When questioned about his trips, Mr Price said he went to Albania with his daughter, later accepting it was a lie and that he went with his partner.

At a meeting in January 2024, he said he lied to bosses that he went with his daughter because ‘family life was a sensitive topic’ and he didn’t want to share it with Toronto-based director Samantha Dachis, who he had never met.

Following the meeting Ms Dachis discussed it with senior managing director Frank Ieraci and Mr Price was fired with immediate effect.

CPPIB said the way Mr Price conducted himself during the investigation was ‘unacceptable’.

CPPIB also said some of the factors relevant to his dismissal were ‘the amount of the expenditure’, ‘failure to use alternate steps to avoid using the card’, and lying about who he travelled with.

At the tribunal, Employment Judge Alexandra Davidson said Mr Price was not acting ‘dishonestly’.

Judge Davidson said: ‘[Mr Price] found he was in a position in which the only way he could pay for certain items was to use the corporate credit card and he fully intended to pay for all his expenditure when he returned the office.

‘[Mr Price] therefore carried on with his normal life, using the corporate card where he would have used his own card.

‘On his return to the office, he attempted to repay these amounts promptly.

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

‘[Mr Price] is a high earner and is entitled to spend what was, ultimately, his money as he saw fit.

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

‘I can see why he saw no reason to cancel his trips, given that he was going to pay back all the sums he charged to the corporate card immediately.

‘The [CPPIB] appears to take issue with, and disapprove of, [Mr Price’s] lifestyle choices. In my view, these do not go to the issue of whether he breached the contract.’

Mr Price carried out some consultancy work following his sacking but has not yet moved into a new post.