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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"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."
Go figure - my spouse was a lifer in the military who relocated his family 13 times while at the company including two stints in Europe. Pretty sure he's making about 5% of what this guy is making.....I guess its way more important to be an exec for the electric company than it is to devote your life to the defense and protection of your country....
There's only 1 plate I'm concerned about----mine. If you make a zillion or a pittance, I could care less. When my business becomes yours, there the problem lies. Classic case of hate mongering.
Stories like this really hurt the morale and spirit of the average American trying to stay solvent and make enough to pay his or her bills. The boys and girls at the top of our society have turned capitalism into a cult whereby the rich get rich and the poor get poorer. A lot of Americans are starting to believe that the whole system is falling apart and there isn't anything they can do about it. I think some Americans wish the whole system would fall apart so we can start all over again.
There are a number of people who were raised in the Roman Catholic religion who have abandoned the religion, such as myself, because of the wealthy lifestyle exhibited by popes and cardinals when the masses are struggling to survive.
(1) of many ways GE continues to avoid paying taxes. Paying out a (under the table) RETIREMENT DEAl, circumvents company rules. This Deal gets recorded for as a company cost = Less Net Income = Tax Evasion/ less taxes paid. IRS should prosecute G.E.
Other GE pensioners should call for an investigation.
Specifically Human Resources should be investigated and anyone who approved this retirement payout should be fired and prosecuted for manipulation of funds.
Someone or (several) specifically approved this, Who and why? Stockholders should be appalled.
Business Owners and Corporate Businesses who play by the rules pay their fair share of taxes should be OUTRAGED.
This is what is wrong with this country, some entitled goodl ole boy with at best average intelligence who just happens to be in the right club gets paid a zillion dollars to do HIS JOB, and if he screws up his job he gets a Zillion dollar golden parachute or gets bailed out by the middle class.
Tax these scum at the same level Reagan did, end of story. Let the Republican Nazi party scream all they want, these anti-American greedy scum need to pay taxes at the same rate they did when that commie Rondald Reagan was president.
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