John Krenicki is giving up his General Electric Co. (GE) paycheck. But he’s going to be collecting an allowance.
As part of a deal to keep the veteran executive from joining a competitor for an usually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022.
The payment to Mr. Krenicki, who is 50 years old, was dubbed a retirement allowance by GE and is worth $1 million a year.
It is part of an exit package that will let him immediately cash in equity awards originally set to vest between now and the end of 2014. It will also keep him eligible for a GE supplemental pension plan when he turns 60.
Mark Reilly, head of the executive compensation practice for Verisight Inc., a human-resources consultancy, said the package is worth at least $28.3 million. That includes $14.8 million worth of stock options and restricted stock units, and a projected 2012 bonus equivalent to last year’s of $2.8 million.
‘By 1992, Olympic organizers got so worried about the frenetic sexing that they started giving athletes free condoms just to keep the AIDS at bay. By the 2010 Vancouver Winter Olympics, 100,000 condoms were distributed to about 6,500 athletes and officials. That’s about 15 condoms per person. AND THE 100,000 CONDOMS WEREN’T ENOUGH. Halfway through the games, an emergency shipment of rubbers was brought in to fill the gap.’