GE's Immelt to Receive at Least $112 Million as CEO Steps Down
- His package includes $81.7 million in overall pension benefits
- Life insurance plans to pay death benefit of $24.2 million
GE's Flannery: Must Deliver for Customers, Shareholders
This article is for subscribers only.
Jeffrey Immelt, who is stepping down as chairman and chief executive of General Electric Co. after 16 years, will retire with at least $112 million, mostly from supplemental pension plans at the industrial giant.
Immelt, 61, had amassed $81.7 million in overall pension benefits as of Dec. 31, according to the Boston-based company’s proxy filing dated March 8. He also will receive at least $20.7 million from early vesting of restricted stock and pro-rated portions of his target performance shares, based on GE’s closing price Friday, as well as $9.86 million from deferred compensation plans.