Meanwhile "Jeffrey Immelt, 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."
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.
Two company-paid life insurance plans for Immelt also provide a combined death benefit of $24.2 million.
Immelt is leaving after months of stepped-up pressure from activist investor Trian Fund Management, which called on GE to improve performance and cut costs more aggressively as shares missed out on a broad stock rally. John Flannery, a 30-year GE veteran who currently heads up the health-care business, will take over as CEO on Aug. 1, the company said Monday in a statement.
Immelt is another sleaze bag just like that other sleaze bag Jon Corzine,who walked away scott free after destroying people's lives along with their life savings.
News 
Market Data 
Discover 
