Boston tech firm CEO tells investors he’s been ‘praying for inflation’ because ‘it’s good for business’

The chief executive of the Boston tech firm tells investors he has been “praying for inflation” because raising prices is “good for business” as the United States teeters on the brink of recession.

  • William Meaney, CEO of Iron Mountain, a data storage and management company, said higher prices also helped the company’s results.
  • Essentially, he said how inflation was a good excuse to raise prices, which more than covered the company’s increased costs.
  • During an investor call on September 20, Meaney said he had been “doing my inflation dance praying for inflation.”

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The CEO of a Boston-based technology company has shared with investors how he had been “praying for inflation” because it is “good for business.”

William Meaney, CEO of Iron Mountain, a data storage and management company, said higher prices also helped the company’s results.

During an investor call on September 20, Meaney said he had been “doing my inflation dance praying for inflation,” according to an audio transcript of his speech.

Meaney essentially admitted that the price increase more than covered the company’s increased costs and, at the same time, increased the company’s profit margin.

William Meaney, CEO of Iron Mountain, a data storage and management company, said higher prices also helped the company's results.

William Meaney, CEO of Iron Mountain, a data storage and management company, said higher prices also helped the company’s results.

“The price increase obviously covers our increased costs, but… a lot of that flows into the bottom line,” he said.

‘Where we’ve had inflation at fairly rapid rates… we can price before inflation,’ according to the audio on The Intercept.

“I wish I didn’t do such a good dance, but that’s more on a personal level than as a business model,” she later acknowledged.

It was a view echoed by Iron Mountain CFO Barry Hytinen, who said inflation was a “net positive” for the company.

“We have a high-gross-margin business, so it naturally expands the margins of the business,” Hytinen said, expressing how they “feel for people” who are struggling to buy goods.

Meaney essentially told how inflation was a good excuse to raise prices, which more than covered the company's increased costs.  In the photo, the company's headquarters in Boston.

Meaney essentially told how inflation was a good excuse to raise prices, which more than covered the company's increased costs.  In the photo, the company's headquarters in Boston.

Meaney essentially told how inflation was a good excuse to raise prices, which more than covered the company’s increased costs. In the photo, the company’s headquarters in Boston.

Joe Karasin told the New York Post that Meaney’s comments were out of touch with the clients and small businesses that depend on his services.

“From a messaging point of view, this seems completely tone deaf. A cursory look at social media posts from the general public shows that people are suffering, as are small businesses, as a result of high inflation.”

Karasin also noted that while high inflation allowed companies to raise prices, “it also has a domino effect” because “the goods and services that companies use will also see prices increase.”

“So, in effect, the consumer is feeling the pain the most, but it’s a little bit out of line to be ‘wishing’ for inflation,” Karasin said.

In his call to investors, Meaney noted how many other companies were also raising prices to deal with inflation.

“People are seeing what FedEx, UPS and others have to do to really run their business and pass on that inflation,” he said.

Data released by the Labor Department released data showing the consumer price index rose 8.3% more than expected in August, despite falling gasoline prices.

Data released by the Labor Department released data showing the consumer price index rose 8.3% more than expected in August, despite falling gasoline prices.

Data released by the Labor Department released data showing the consumer price index rose 8.3% more than expected in August, despite falling gasoline prices.

FedEx has revealed how its delivery rates will increase by an average of 6.9% for the new year.

The higher prices come after FedEx shares fell on news of disappointing quarterly earnings attributed to high labor and fuel costs, along with a drop in delivery demand.

Its competitor, UPS, also raised shipping rates last November by an average of 5.9 percent.

Data released by the Labor Department released data showing the consumer price index rose 8.3 percent more than expected in August, despite falling gasoline prices.

Americans have been paying more for essential goods like food, health care, housing, and appliances.

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