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GE Exec being paid $89,000 a month until 2022 to NOT work.

 
Truthache
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08/02/2012 01:57 PM

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GE Exec being paid $89,000 a month until 2022 to NOT work.
What is it? Hypnotism? Some magic spell? Blackmail? What superpowers does a single guy hold over an entire global company to walk away with a deal like this?
___________

...As part of a deal to keep the veteran executive from joining a competitor for an unusually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022...

[link to online.wsj.com]
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Truthache (OP)
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08/02/2012 01:58 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
Watch/Listen to Kate Linebaugh explain the details.

[link to online.wsj.com]

Last Edited by Truthache on 08/02/2012 01:59 PM
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508527

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08/02/2012 02:00 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
wow, what a deal. over a million a year to not work
Truthache (OP)
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08/02/2012 02:05 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
The total value of this "retirement package" is just under $30 Million.

To put it in another perspective
Jack Welsh recieved $400 million when he retired from GE.

I'm all for the open market, I just find it fascinating and nearly incomprehensible that this makes perfect financial sense for ANY company.

Last Edited by Truthache on 08/02/2012 03:04 PM
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Anonymous Coward
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08/02/2012 02:06 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
What is it? Hypnotism? Some magic spell? Blackmail? What superpowers does a single guy hold over an entire global company to walk away with a deal like this?
___________

...As part of a deal to keep the veteran executive from joining a competitor for an unusually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022...

[link to online.wsj.com]
 Quoting: Truthache


From a business point of view, this makes perfect sense. If that guy goes to the competitors, he would make GE lose millions a month so paying him $89,000 a month is no big deal.

A very wise business decision by GE.

ohyeahohyeahohyeah
indiandave

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08/02/2012 02:08 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
They should just let him work for a competitor. The suits at GM fucked up the company. Let him fuck up the competition. Then we can bail them out too.
Anonymous Coward
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08/02/2012 02:08 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
The total value of this "retirement package" is just under $30 Million.

To put it in another perspective
Jack Welch recieved $400 million when he retired from GE.

I'm all for the open market, I just find it fascinating and nearly incomprehensible that this makes perfect financial sense for ANY company.
 Quoting: Truthache


It makes perfect sense. GE is not just your corner grocery store and running it is no joke. Its where it is today because of the executives like him. They deserve the money. Its their brainpower at work here. Nothing wrong with paying them good money....
Truthache (OP)
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08/02/2012 02:16 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
What is it? Hypnotism? Some magic spell? Blackmail? What superpowers does a single guy hold over an entire global company to walk away with a deal like this?
___________

...As part of a deal to keep the veteran executive from joining a competitor for an unusually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022...

[link to online.wsj.com]
 Quoting: Truthache


From a business point of view, this makes perfect sense. If that guy goes to the competitors, he would make GE lose millions a month so paying him $89,000 a month is no big deal.

A very wise business decision by GE.

ohyeahohyeahohyeah
 Quoting: Anonymous Coward 1711362


Yes, I realize that it is a calculated business decision. It's just mind-boggling that they can't overcome the power and effect of a single man. Can he really single handedly turn GE's competitors into indomitable powerhouses of the industry? Is there NO other viable method of contractual restriction on the exportation of proprietary information?
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Anonymous Coward
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08/02/2012 02:26 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
It makes perfect sense. GE is not just your corner grocery store and running it is no joke. Its where it is today because of the executives like him. They deserve the money. Its their brainpower at work here. Nothing wrong with paying them good money....
 Quoting: Anonymous Coward 1711362


cruise
You mean the company that has more tax avoidance workers than nuclear extinction level event avoidance workers?

Its hush money. And par for the course. But, I saw a CNBC interview with Jack Welsh one day. It was one of those dour days when the markets were crashing and waiting on some type of news. That's when those folks show sincerity (filing air time)

Host jovialy asked Jack "What went wrong? (with the global economy)" Welsh started breaking down. I mean literally fighting back tears. They cut to commercial.
Anonymous Coward
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08/02/2012 02:26 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
All the Board of Directors sit on each others companies.The way it works is that these guys say 'you give me a raise and I'll give you a raise.....etc"!
Anonymous Coward
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08/02/2012 02:29 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
What is it? Hypnotism? Some magic spell? Blackmail? What superpowers does a single guy hold over an entire global company to walk away with a deal like this?
___________

...As part of a deal to keep the veteran executive from joining a competitor for an unusually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022...

[link to online.wsj.com]
 Quoting: Truthache


From a business point of view, this makes perfect sense. If that guy goes to the competitors, he would make GE lose millions a month so paying him $89,000 a month is no big deal.

A very wise business decision by GE.

ohyeahohyeahohyeah
 Quoting: Anonymous Coward 1711362


Yes, I realize that it is a calculated business decision. It's just mind-boggling that they can't overcome the power and effect of a single man. Can he really single handedly turn GE's competitors into indomitable powerhouses of the industry? Is there NO other viable method of contractual restriction on the exportation of proprietary information?
 Quoting: Truthache


If it were allowed GE would put this in his agreement but the law doesnt allow it so they gotta bribe him not to go to the competitors. Remember this man holds the secrets of GE in whatever department he was working in. And again, the law allows him to use his past experience (meaning secrets) in his new job. So there's no way out but to do it. I've seen this happen over n over in other companies as well.
Truthache (OP)
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08/02/2012 03:02 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
If it were allowed GE would put this in his agreement but the law doesnt allow it so they gotta bribe him not to go to the competitors. Remember this man holds the secrets of GE in whatever department he was working in. And again, the law allows him to use his past experience (meaning secrets) in his new job. So there's no way out but to do it. I've seen this happen over n over in other companies as well.
 Quoting: Anonymous Coward 1711362


If the law allows the export any company secret in the name of past experience and mega pay offs and bribery are the only valid control mechanism, .....shit, I don't even know where to go with this it's so convoluted.....what do we even need lawyers for, any of 'em? This is the high end of high industry? This is how they work things out at the the end of the day. The only thing that really works to the advantage of the company is the absolute stuffing mouth holes with enough money to gag people from speaking, sharing, or complaining?
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Truthache (OP)
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08/02/2012 04:33 PM

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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
Well I guess it's not that bad, they are only paying him $125/hr continuously for the next Eighty-Seven Thousand Six-Hundred Hours. MEH. Just a drop in the foreign manufacturing industry bucket.
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Anonymous Coward
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08/02/2012 04:37 PM
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Re: GE Exec being paid $89,000 a month until 2022 to NOT work.
nice job if you can get it.

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