GE
john-flannery-ge.jpg
john-flannery-ge.jpg
john-flannery-ge.jpg
john-flannery-ge.jpg
john-flannery-ge.jpg

GE Hands Ex-CEO Flannery $10 Million Exit Package

Nov. 5, 2018
Flannery served as GE's CEO for 14 months.

General Electric Co.’s former chief executive officer, John Flannery, will collect an exit package worth more than $10 million after his abrupt departure from the beleaguered manufacturer.

Flannery will get $4.25 million in severance, and vesting restrictions will be lifted on equity awards worth at least $3.75 million that he was previously given, the company said in a regulatory filing Friday. That comes on top of pension benefits worth at least $21.9 million that the longtime GE executive can start collecting at age 60, plus about $2.16 million in deferred compensation.

GE announced Oct. 1 that Flannery, 57, would step down after a 14-month stint as CEO in which the company lost more than $100 billion in market value amid one of the deepest slumps in its 126-year history. The slide continued this week under Flannery’s successor, Larry Culp, as GE disclosed an expanded federal accounting probe and worsening troubles at its ailing power business.

“John Flannery dedicated 32 years of service to GE, and the arrangements reached with him, including his eligibility for the GE Supplementary Pension Plan, reflect that service,” the Boston-based company said in an email. “The severance payment for Mr. Flannery represents less than one year’s combined salary and target cash bonus.”

By Anders Melin and Jenn Zhao

Popular Sponsored Recommendations

The Supply Chain of Tomorrow

May 22, 2023
A control tower enables proactively managing complex supply chains in real time and achieving new efficiencies through connected visibility, continual improvement, and predictive...

Digital Production Tracking: How Connected Platforms with No-Code Deliver Value

March 11, 2024
Manual tracking lacks the real-time visibility manufacturers need to identify root causes and remain competitive. Digital, connected production tracking is crucial for your operations...

Are You Positioned To Tackle Supply Chain Risk?

Sept. 20, 2023
Supply chain disruption is here to stay, but you can keep ahead of potential issues — and identify new opportunities — by regularly assessing your suppliers. Download our supplier...

The Power of Customer Journey Mapping

May 30, 2023
Looking to develop your own customer journey map? We surveyed 400 companies nationwide to help explain what makes journey maps an effective decision-making tool, how to use a ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!