19 November 2019
Amid GE Pension Crisis, Welch & Immelt Should Pay Back Their $600 Million Golden Handshake
Both former CEO's of General Electric Co. (NYSE: GE) should pay back their combined half-a-billion severance packages to restore their reputations. Jack Welsh was awarded $417 million dollars when he parachuted out of the company in 2001 and Jeff Immelt should do the same with the $211 million he took in 2017. So says The Edge, stating that the 130-year-old GE is as close to collapse as ever thanks to the legacy of systemic weakness left by 83-year-old Welch and his 63-year-old successor Immelt.