GE to Pay Departing CFO Up to a Year's Salary in Severance DealBy
General Electric Co. will pay departing Chief Financial Officer Jeff Bornstein as much as a year’s salary after he leaves the company at the end of the year.
Bornstein, who earns a base salary of $1.78 million, will also be subject to a 12-month agreement not to work for a competitor, GE said in a regulatory filing Tuesday. Bornstein and Vice Chair Beth Comstock, who is retiring, will leave the company with their 2017 cash bonuses, the amounts of which haven’t yet been disclosed, plus pro-rated performance awards for 2016.
Comstock, 57, will get a monthly allowance similar to her pension payout until she reaches age 60. Both she and Bornstein will be able to keep some of their unvested equity awards. All of their 2017 equity awards will be forfeited. They will also retain pension payouts under their supplementary pension plans.
GE announced their departure last week, two months after Chief Executive Officer John Flannery took over from Jeffrey Immelt. Another longtime company veteran, Vice Chair John Rice, 60, is also retiring, GE said. Incoming CFO Jamie Miller will receive a salary of $1.45 million, up 7.4 percent from her current level, the company said.