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."
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Let's SEE.....As a long term stockholder of GE....This doesn't make me real happy...
I might and probably will express this in a proxy/voting card..
I believe the monthly amount is somewhat absurd...
I also believe the NON-Compete agreement,should cover until this extra pension runs out,not 3 yrs.
Now more disturbing, are the Americans that will never buy GE products again; BUT INSTEAD may purchase pure Foriegn crap from China,Japan and Taiwan.
Maybe you should cut off an EAR or poke out and EYE...Only have to buy 1 ear ring, or a monocle for the one eye..
I'm not really suprised, these events happen fare too often. I'm supprised ( alittle)
of the amount...but hey, look at the bright side, the guy's taking a cut in pay..........( isn't he?? )
GE just cut their payroll, ( didn't they?? )..
Oh well, no more wrong than our President, taking a vacation in Hawaii, At tax payers expense..
No more wrong , than the Prezz, running to Ohio, to cut a ribbon, and work the people for re-election,
( oh by the way....at tax payers expense)....oh by the way, did anyone see all the sheep, lined up to buy the new iphone??.... so Apple can line their pockets?? ( oh by the way....the iphone, is jacked with high margins)..
Yes and we the customers are paying for all this. Wow. And this is only one giant corp of many.
Guess who's ruling the world.
Let`s not forget GE pays no taxes.We constantly hear the nasty far right complain about
free loaders.Let`s hear them be consistant about their bellyache.Also, Ge employs more people in foreign countries than America.
This is nuts. Glad he wasn't CEO, because then it would be $100 million+ settlement. It's really sad, that only the higher ups get guaranteed contracts.
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