GE Aerospace (GE)

[mdimport]

What a sad state of affairs that a CEO who destroyed a great industrial company gets to walk away with a $112M supplemental pension.

Shareholders and regular $GE employees with pensions should be outraged at the rip off.

Jeffrey Immelt, who is stepping down as chairman and chief executive of General Electric Co. after 16 years, will retire with at least $112 million, mostly from supplemental pension plans at the industrial giant.

Immelt, 61, had amassed $81.7 million in overall pension benefits as of Dec. 31, according to the Boston-based company’s proxy filing dated March 8. He also will receive at least $20.7 million from early vesting of restricted stock and pro-rated portions of his target performance shares, based on GE’s closing price Friday, as well as $9.86 million from deferred compensation plans.