GE Exec being paid $89,000 a month until 2022 to NOT work. | |
Truthache (OP) User ID: 1465537 United States 08/02/2012 01:58 PM Report Abusive Post Report Copyright Violation | Watch/Listen to Kate Linebaugh explain the details. [link to online.wsj.com] Last Edited by Truthache on 08/02/2012 01:59 PM in warm pursuit... |
508527 User ID: 1432018 United States 08/02/2012 02:00 PM Report Abusive Post Report Copyright Violation | |
Truthache (OP) User ID: 1465537 United States 08/02/2012 02:05 PM Report Abusive Post Report Copyright Violation | 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 in warm pursuit... |
Anonymous Coward User ID: 1711362 Canada 08/02/2012 02:06 PM Report Abusive Post Report Copyright Violation | 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? Quoting: Truthache ___________ ...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] 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. |
indiandave User ID: 12897990 United States 08/02/2012 02:08 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 1711362 Canada 08/02/2012 02:08 PM Report Abusive Post Report Copyright Violation | The total value of this "retirement package" is just under $30 Million. Quoting: Truthache 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. 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) User ID: 1465537 United States 08/02/2012 02:16 PM Report Abusive Post Report Copyright Violation | 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? Quoting: Truthache ___________ ...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] 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. 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? in warm pursuit... |
Anonymous Coward User ID: 20402331 United States 08/02/2012 02:26 PM Report Abusive Post Report Copyright Violation | 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 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 User ID: 21135639 United States 08/02/2012 02:26 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 1711362 Canada 08/02/2012 02:29 PM Report Abusive Post Report Copyright Violation | 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? Quoting: Truthache ___________ ...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] 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. 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? 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) User ID: 1465537 United States 08/02/2012 03:02 PM Report Abusive Post Report Copyright Violation | 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? in warm pursuit... |
Truthache (OP) User ID: 1465537 United States 08/02/2012 04:33 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 19011211 United States 08/02/2012 04:37 PM Report Abusive Post Report Copyright Violation | |