General Electric will pay former CEO John Flannery a $4.25 million cash severance over the next year, according to a securities filing.
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Flannery, fired in October after just 14 months on the job, will also keep his equity awards, which could equal millions of dollars of additional compensation, depending on the company's share price performance.
Flannery, who has spent more than 30 years at the company, will receive a pension when he turns 60.
GE’s shares rose Monday, likely getting a boost after new CEO Lawrence Culp indirectly purchased 225,000 shares of the company’s stock – worth about $2,090,250, according to Friday’s closing value of $9.29.
|GE||GENERAL ELECTRIC COMPANY||9.06||-0.08||-0.88%|
Flannery was let go by the board in October at the same time the company said it will take a $23 billion noncash charge stemming from its struggling power business.