The long awaited cuts (retirements) of John Rice, Beth Comstock and Jeff Bornstein finally happened today. I am sure they are walking away with millions in retirement packages.
6 replies (most recent on top)
Screw the little guy! Put a fork in GE it’s all over! No more career just a job till they ship it over seas! End the misery GE SHIP ALL WORK OVER SEAS! Cheaper, faster, and more cost effective!! That is what they tell us. Ha ha ha ha my resume is ready.
They will be doing just fine with their “Golden Parachute” packages. Keep cutting from the Top!!!
At the end of last year, Bornstein, 51, and Comstock, 57, had accumulated retirement benefits worth $20.1 million and $16.9 million, respectively, under two separate pension plans, according to a regulatory filing.
GE requires executives hired before 2005 to reach age 60 before they can get pension benefits or receive payouts of outstanding equity awards. The company hasn’t disclosed whether the two will be able to collect any payouts following their departures.
Rice, 60, had $60.8 million in pension benefits as of Dec. 31 and was eligible to retire at that point, according to the filing. He holds an additional $7.24 million of restricted stock, some of which is tied to performance goals, and vests immediately upon retirement, as well as $38.8 million in outstanding options, according to data compiled by Bloomberg.
You have to backfill CFO and they already did...no real savings on that change.
Like hyenas and vultures circling in for the k---. Wow, you want to see your pound of flesh.
Like OP said, I am sure they are getting a handsome retirement package.
And you only backfill roles that accomplish something. Not sure what Comstock and Rice did, apart from writing blogs/newspaper articles, running book clubs and interviewing other executives
If they don't backfill those roles that's close to 30mil in savings! I was pretty surprised by it. Was this a "not talked about" secret?