A farewell package of $89K -- per month?
A former GE executive lines up a nice perk after leaving the company.
Instead, he's retiring at the end of this year and will get a nice perk from the company: An $89,000 monthly allowance until he turns 60. He's about 50 now, so it will all add up to more than $10 million. In return, the company says in a regulatory filing, Krenicki can't go work for a competing company for three years.
This news was buried in a GE filing with the U.S. Securities and Exchange Commission earlier this year and uncovered by the ever-vigilant blog Footnoted. It's now in first place in Footnoted's annual contest for the worst item of the year.
Krenicki will also get a cash bonus of at least $2.9 million for 2012. He also gets to vest at age 60 under GE's supplementary pension plan. And Footnoted notes that some 2 million stock options that had not vested as of last year will now vest. GE's stock price was at $20.79 Wednesday, so Krenicki stands to pocket some serious change by selling shares.
Krenicki was a lifer at GE, and his career was profiled in Fortune last year. He relocated his family 11 times while at the company, including two stints in Europe. He led the plastics division for nearly three years before he was promoted to run the energy division. He admitted to Fortune that he didn't want to become CEO of the company -- an early indicator, perhaps, that he was on the way to retirement.
By the way, Footnoted has another candidate for worst item of the year that I like even better. Dell (DELL) spent $1.9 million to move executive Stephen Schuckenbrock from Round Rock, Texas, to Plano, Texas. That's quite a pricey move for going 200 miles. About $1.5 million of that total was to pay Schuckenbrock for the loss on the sale of his house in Round Rock.
Schuckenbrock didn't stay for very long after the move. Earlier this month, he resigned "to seek new opportunities."
More from Money Now
- High stakes in the maple syrup business
- Milk prices could double after 'dairy cliff'
- Should stranded adventurers pay for own rescue?
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished the Thursday session on a higher note with the S&P 500 climbing 0.5%. The benchmark index registered an early high within the first 90 minutes and inched to a new session best during the final hour of the action.
Equities rallied out of the gate with the financial sector (+1.1%) providing noteworthy support for the second day in a row. The growth-oriented sector extended its September gain to 1.9% versus a more modest uptick of 0.4% for the ... More
More Market News
Traders might want to bite on BABA, but long-term investors have reasons to wait.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'