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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Think About It...
Former CEO of GE is the jobs czar under Obama, GE closed down in America and relocated to China.
Two thirds of congress doubled their individual net worth during the worst economic period of US history.
Obama is going to raise every ones taxes with the blessing of the Republicans and particularly that testicle less, J Boehner.
Rest assured michelle will be flitting around the world with her usual small army of assistants while grimacing and whining about her first time experiences with her pride in the very country her ol man is supposed to be leading...????
You think about all this then tell me something is NOT rotten in the State of Denmark...!!!!
Actually, please don't tell me... It's depressing enough without you're reminders...
And whos money is this? Not yours is it? You do not like the bailout...what did you people do???...just go and vote the same people that gave out the bailout. LOL..stupid republicans and Democrats...both are to blame and if you vote for either one of these sides YOU are to blame as well. Stupid arrogant Americans just watched themselves get out educated the past 30 years and now u f%^ks wondering why the jobs have left...LOL....u voted for this leadership over the past 30 years and are now wondering what is wrong. America is no longer the best place in the world to do business or invest....we dont get back to that and you can say goodbye to the way of life you little spolied brats have become accustomed to. I wish i could sit most of you down with the Indians I have to hire becuase American does not have the talent in this country and listen to these people talk about how lazy most Americans are....people need a eye opener. Rest of the world is catching up to us (Education) and while us Americans should be accepting this and taking the benifits of lower cost, we are just sitting around bitching on why we just lost a job...we have failed to adapt to the changing world around us and stay ahead of other countries and keep our standard of living. Now we are like lil children stomping on the ground crying for the federal govt to save us...LOL.
I am one of the little guys at GE, (a field service rep), not even a christmas card or any kind of thank you for another profitable year.
Possibly get a 2% raise again this year. They show no appreciation to their employees that are on the bottom of the food chain. Retirement stinks to high heaven.
The Republican, Neo-Con. Libertarian and Tea Party Fascists plans to take over America will never succeed as long as all us vigilant, just and patriotic Democrats are there to STOP you.
It will NEVER happen under our watch!
God bless Freedom, Prosperity and Justice for all in America!
P.S DIE WALL STREET, DIE!
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