I was critical of GM paying laid off union workers. I am incensed that John Krenicki,a VP 50 years old, is being paid a retirement package of over $28 million which includes not joining or forming another company to compete against G.E. Anyone owning this stock, I don't and never will, the company is a major loser for stockholders and has been a loser for years for long-term stockholders. (Not to many years ago G.E. was trading at $30+. Those days are gone forever, count on it)
Krenicki is joining Clayton, Dublilier and Rice, a private equity firm where he will probably be paid another 10 million or more a year to use his insider knowledge of which the small investor will know nothing about.
I doubt that $28 million includes his G.E. paid health dn life insurance. He will surely be paid a platinum parachute when he leaves his new and the companies after that as he is only 50 YEARS OLD.
If Republicans don't win in November, it is corporate board decisions like this that turn off the little guy like me. Of course, they probably have to pay this money because of sweetheart deals they signed when they hired him and others of the same ilk.
Sure, G.E. is a private company and their CEO sucks up to Obama but be advised that the wealthy that kiss Obama's ass will always be taken care of by Obama and most Democrats.
I will never buy another G.E product. I'm not envious, just very, very sad because this is commonplace in so much of the major private sector; the wealthy ass-kisser who will support Obama in November..