GE hands former CEO Flannery US$10mil exit package

Last month, GE posted a quarterly loss of $22.8 billion, cut its annual dividend to just 4 cents a share and told investors it was facing a deepening federal accounting probe.

NEW YORK: General Electric Co’s (GE) former chief executive officer, John Flannery, will collect an exit package worth more than US$10mil after his abrupt departure from the beleaguered manufacturer.

Flannery will get US$4.25mil in severance, and vesting restrictions will be lifted on equity awards worth at least US$3.75mil that he was previously given, the company said in a regulatory filing Friday. That comes on top of pension benefits worth at least US$21.9mil that the longtime GE executive can start collecting at age 60, plus about US$2.16mil in deferred compensation.