GE's Immelt To Receive At Least $112 Million As CEO Steps Down

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.

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GE's Immelt To Receive At Least $112 Million As CEO Steps Down

Immelt is leaving after months of stepped-up pressure from activist investor Trian Fund Management.

Highlights

  1. Jeffrey Immelt will step down as chairman and CEO of GE after 16 years
  2. Immelt, 61, has amassed $81.7 million in overall pension benefits
  3. John Flannery, a 30-year GE veteran, is set to take over as CEO on Aug. 1
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.

Two company-paid life insurance plans for Immelt also provide a combined death benefit of $24.2 million.

Immelt is leaving after months of stepped-up pressure from activist investor Trian Fund Management, which called on GE to improve performance and cut costs more aggressively as shares missed out on a broad stock rally. John Flannery, a 30-year GE veteran who currently heads up the health-care business, will take over as CEO on Aug. 1, the company said Monday in a statement.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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