John Krenicki, who led Lawrence Park-based GE Transportation from 2000 to 2003, has left the General Electric Co., but he’ll still be collecting a check.
A pretty substantial one, by most standards.
Krenicki, who was a vice chairman and head of the company’s energy business when he left GE two weeks ago, will receive $89,000 a month for the next 10 years.
The payment, according to a report in the Wall Street Journal, is being called a retirement allowance.
This is an allowance that’s paid conditionally, however. Krenicki has agreed not to go to work for a competitor for three years in exchange for a payment of slightly over $1 million a year.
But the former GE Transportation boss won’t be relying on GE as his only source of income.
Krenicki has been named a senior operating partner by Clayton, Dubilier & Rice LLC, a private equity firm that buys companies and attempts to improve their performance.
No word what Krenicki will be making in that position, but he will be putting some of his own money into future deals, the Wall Street Journal reported.
At GE, Krenicki collected a salary of $1.4 million. He also received a $3 million bonus, $4.07 million in option awards, $4.5 million in deferred compensation and $192,000 in other compensation for a total of $13.2 million.