GE Exec to Be Paid $89K a Month ... to Not Work
John Krenicki gets cushy package in return for non-compete
By Evann Gastaldo,  Newser Staff
Posted Aug 2, 2012 6:53 AM CDT
Vice-Chairman, GE, and CEO GE Energy, USA, John Krenicki speaks during a session at the World Economic Forum in Davos, Switzerland on Wednesday, Jan. 26, 2011.   (AP Photo/Virginia Mayo)

(Newser) – John Krenicki, a vice chairman at GE, is leaving the company ... and in exchange for agreeing not to work for a competitor any time in the next three years, he's getting paid $89,000 per month until 2022. That's more than $1 million per year, the Wall Street Journal reports, and Krenicki's entire exit package is worth at least $28.3 million, according to one expert. Oh, and the 50-year-old will also remain eligible to collect GE's supplemental pension when he hits 60.

The three-year non-compete agreement is unusually long, but the expert considers the "generous severance package" a fair one in light of Krenicki's position and 29 years with the company. The Journal explains that Krenicki's year-end exit was spurred by the plan to carve up his $50 billion energy division into three parts. But he won't be kicking back and collecting those checks while sipping piña coladas: Krenicki will become a senior operating partner at a private-equity firm in January.