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John Krenicki, who's leaving as GE vice chairman at the end of the year, is set receive $89K a...

John Krenicki, who's leaving as GE vice chairman at the end of the year, is set receive $89K a month until 2022 on the proviso he doesn't join a competitor for three years. Under Krenicki's exit package, which is worth an estimated $28.3M at least, Krenicki will also receive $14.8M of stock options and restricted stock units, and a projected bonus of $2.8M.
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Comments (31)
  • Ted Bear
    , contributor
    Comments (598) | Send Message
     
    This guy must be able to create gold from earth dust to be given those kind of numbers. Whatever happened to humble?

     

    With the mess that Jack Welch left behind, i guess this guy had his work cut out for him, but what about the suffering shareholders who are buried in this thing for years and years? Where do they get theirs?
    2 Aug 2012, 06:57 AM Reply Like
  • JohnInMA
    , contributor
    Comments (45) | Send Message
     
    You must be making a political statement about Jack Welch since he expresses his views on business cable lately. Because no business watcher/opinion-maker nor most any past employee during his tenure (guilty here) would agree with your random criticism.

     

    But I agree that Krenicki either has special, magical powers or he must be thought to be a real threat to the company with that kind of package. And I agree with fra53ine that Immelt should be the one to go.
    2 Aug 2012, 07:44 AM Reply Like
  • Ted Bear
    , contributor
    Comments (598) | Send Message
     
    That is what i find SO remarkable: people think Jack is a management genius, when in reality history (okay, slight advantage of 20/20 hindsight) has shown he built a hugely leveraged financial pyramid which the company (and many others, like AIG, Citibank) and still trying to dig themselves out from under.

     

    Yes, i guess Jack was astute enough to seize the moment and make himself and others around him filthy wealthy, but sheesh...its not much of a legacy when you really dig into it.
    2 Aug 2012, 09:11 AM Reply Like
  • JohnInMA
    , contributor
    Comments (45) | Send Message
     
    I don't think you know of what you speak. In the early 2000's GE had so much cash we couldn't find enough low risk ways to put it into play. GE under Welch would not take many high risks. And I worked in a program where we searched for opportunities (JVs and development agreements in particular), and we often missed our financial goals of cash in play because of the risk calculation and the terms. That is, the rewards or share (JV %, e.g.) didn't match the risk. Perhaps you are confusing Welch and Immelt?

     

    Your comments strike me as wishful and political at best.
    2 Aug 2012, 10:23 AM Reply Like
  • wrl605868
    , contributor
    Comments (16) | Send Message
     
    I have worked for GE for 29 years mainly in the Missile & Space Div. and have received a retirement pension for 31 years. In those 60 years I have been involved with GE I am convinced that the only thing that would help the Company would be to have the CEO and CFO retire NOW!!!
    8 Aug 2012, 09:07 PM Reply Like
  • fra53ine
    , contributor
    Comments (21) | Send Message
     
    Very strange, if anyone should be leaving it should be the CEO.
    2 Aug 2012, 07:12 AM Reply Like
  • pappy2
    , contributor
    Comments (5) | Send Message
     
    Hope he is able to keep up his standard of living.
    2 Aug 2012, 07:36 AM Reply Like
  • xcgsailor
    , contributor
    Comments (2) | Send Message
     
    Let's see.....65, 70, 75 years old...Ya think 30 or 40 million will be enough to get them to judgment day...What do the blue collars get for getting them to where they are....Hell, Moses didn't get that much and look at all the people he took out of the depressed Egypt back in the day....
    2 Aug 2012, 07:38 AM Reply Like
  • glennzah
    , contributor
    Comment (1) | Send Message
     
    And my pension is $60.51/month from ge
    2 Aug 2012, 07:52 AM Reply Like
  • Tkeatin
    , contributor
    Comments (18) | Send Message
     
    As a former GEer, this is exactly the type of wasteful spending this bloated company is known for...only I'm sure they hadn't planned on the details of this one getting out this time (after the Welch payment debacle surfaced)....Immelt is the one that should step down, as he's destroyed 50% of shareholder value since he took the reigns....how ironic that companies like GE justify their ultra inflated pay packages by saying their exec doubled their stock price/shareholder value and deserves the bonuses....but yet the same $ bonuses continue when the stock is cut in half...shouldn't be able to have it both ways!
    2 Aug 2012, 08:44 AM Reply Like
  • mr putter
    , contributor
    Comments (29) | Send Message
     
    Well, I'm not truly surprised .
    I've seen other deals with parachutes that were golden.
    It's. The "art of the deal"....before they start, and the pictures they have, during.
    2 Aug 2012, 09:35 AM Reply Like
  • hardye
    , contributor
    Comments (2) | Send Message
     
    I am a "39 years plus" retiree who has watched our stock drop from the $ 60s to single digits before returning to around $20 where it now stands. I have read that our Pension Plan is now under funded after many years of surplus. While I believe that highly performing executives deserve great pay for their work and dedication, I think that the amount and duration of this golden parachute "buy-out" for work not performed is obscene.
    2 Aug 2012, 09:55 AM Reply Like
  • Sonia
    , contributor
    Comments (368) | Send Message
     
    A comfortable retirement from ownership of any small business is entirely dependent on the success of the business. Why should GE directors be able to vote any officer such obscene wealth irrespective of whether the business succeeds or fails? Seems as though shareholders, as co-owners of GE, should have legal redress. Claw back the money!
    2 Aug 2012, 10:20 AM Reply Like
  • obieephyhm
    , contributor
    Comments (1590) | Send Message
     
    and the corporate rape of shareholders just keeps on coming . . . .
    2 Aug 2012, 01:04 PM Reply Like
  • pcroll
    , contributor
    Comments (9) | Send Message
     
    When will this obscene behavior by greedy corporate executives end? It's no wonder there is so much talk about the 99% vs the 1%.
    2 Aug 2012, 01:16 PM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    It is not good for the compagny to pay so high bonus for managers who leaving their jobs.
    2 Aug 2012, 01:45 PM Reply Like
  • wizwor
    , contributor
    Comments (47) | Send Message
     
    As a current employee of 27 years, I think it is up to the management team to run the company as they see fit. People feeling cheated by their actions should sell their stock and/or find a new job.

     

    I'm a lot less happy with the TARP and bailouts than my underperforming portfolio. Afterall, I chose to lose my money in these stocks. I had no choice in the bailouts.
    2 Aug 2012, 02:25 PM Reply Like
  • obieephyhm
    , contributor
    Comments (1590) | Send Message
     
    bull.
    2 Aug 2012, 02:28 PM Reply Like
  • JohnInMA
    , contributor
    Comments (45) | Send Message
     
    Wizwor, the problem is many people, not just in the U.S. anymore, have a very hard time separating politics from their routine lives. So, even in comments here, most of the negativity is explicitly based on politics (e.g. TARP). As you say, if you dislike those who received government largesse (some unwillingly it is reported), avoid them.
    3 Aug 2012, 07:48 AM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    I Saw in Belgium Compagnys and Banks going bankrupt wtih that
    2 Aug 2012, 02:30 PM Reply Like
  • Rogerwoodcut
    , contributor
    Comment (1) | Send Message
     
    I labored in the GE vineyard for 20 years and I continue to have a stake in the company.
    Let's not confuse the responsible parties. Look again at which directors sit on that Compensation Committee.
    2 Aug 2012, 02:36 PM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    For my part you may buy 200 stocks more
    2 Aug 2012, 02:41 PM Reply Like
  • Frankj78
    , contributor
    Comments (235) | Send Message
     
    I have a tax loss in this stock. Was considering selling to book the loss and repurchasing. Now, am not considering the repurchase. This type of thing has to stop.
    2 Aug 2012, 09:22 PM Reply Like
  • caelan1
    , contributor
    Comment (1) | Send Message
     
    I am ex-GE, EB/SEB. I was their when Jack had the run for 5 years where are stock split 2X in 5 years. At Boca, Jack once read a letter to the Senior management that stated; "When will I start doing business with the GE I read about, not the one I have to deal with every day". The culture at GE is still such that it looks inward first, before outward. Teams are to slow to make decisions to execute today because they worry about their jobs. Under Jack, you took risk and you were rewarded. If you won, great options, IC and pay, if you lost, demotion or shown the door. It now seems that steady state keeps you job at GE. GE/Microsoft both lost great leaders and the current leadership, while creating allot of cash on the balance sheet, has yet to get the stocks moving.
    3 Aug 2012, 10:39 AM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    Regretable that great leaders stop their leadership
    3 Aug 2012, 11:45 AM Reply Like
  • Veritas1010
    , contributor
    Comments (1527) | Send Message
     
    GE will continue to rise by default in the permanent inflationary era of post WW II. Government connections if nothing else.

     

    It is a poster child and whipping boy of corporate ineptitude, and a failure of domestic US leadership. Jack may not have been "all that" as middle-schoolers' are fond of saying, but he delivered when he had to - and I for one see no reason he wouldn't of righted the GE Capital mess more adroitly then Mr.Immelt's tepid efforts to sidle-up to the Pres.Obama - yet expand the strategic intellectual property transfer to our global friends in the "People's Paradise" (aka mainland China).

     

    To recapitulate, GE will continue to grow (slowly) and payout. But its days of vigorous invention, creativity, leadership and dogged pragmatic American capitalism are stories for college history textbooks.
    3 Aug 2012, 04:00 PM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    Veritas,
    Thank you for the info. In Belgium Investpapers I can't find that.
    3 Aug 2012, 04:09 PM Reply Like
  • Veritas1010
    , contributor
    Comments (1527) | Send Message
     
    Let me update you...

     

    1) GE is moving its 115 year old X-ray division from Waukesha, Wisconsin to Beijing, China.

     

    2) Additionally, GE will invest $2 billion in China and will train 65 local engineers and create 6 research stations within China.

     

    3)GE earned $5.1 billion in the USA, and Mr. Immelt was appointed to commission the job creation board here in the USA by President Obama.

     

    4)GE legally paid $0.00 in taxes to the United States.

     

    The question is: What nation was Mr. Immellt suppose to create jobs in? Is this the model of a great US corporation?
    6 Aug 2012, 05:44 PM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    I'm holding my GE Stocks!
    5 Aug 2012, 10:13 AM Reply Like
  • mr putter
    , contributor
    Comments (29) | Send Message
     
    I sold off "some " positions, not due to the take the money and leave deal, but just dead money incentive.

     

    To me, GE , is too big, andd far too heavy into the banking business.

     

    I love there Energy positions.
    GE, is ok to park your money if you don't want heart burn.
    Nothing more, the 3.8% return , is nothing great.
    7 Aug 2012, 10:52 AM Reply Like
  • Goeleven
    , contributor
    Comments (629) | Send Message
     
    The return can't be greater as you see what they toke ove in the last time.
    8 Aug 2012, 10:16 AM Reply Like
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