The Plastics Blog
By Don Loepp | About The Plastics Blog

John Krenicki's sweet severance

By Don Loepp | January 2, 2013 06:00 am ET
Keywords: Financial

Remember John Krenicki? Not that long ago he was the head of GE Plastics.

Krenicki was in the news last week when General Electric Co. disclosed that he was retiring, and getting a pretty attractive severance.

$89,000 a month -- yes, a month -- until he turns 60.

According to Kim Peterson of MSN Money Now, the severance will add up to more than $10 million, because Krenicki is about 50 years old now.

Pretty sweet deal, if you ask me.

Krenicki was in charge of GE Plastics from 2003-2005. He replaced Yoshiaki Fujimori, almost immediately made some major staff changes, and he was replaced by Charlene Begley in June 2005.

(Just two years later, you'll recall, General Electric sold GE Plastics to Saudi Basic Industries Corp.)

Since he left plastics, Krenicki has been in charge of GE's energy unit. At one point the financial press had speculated that he was a candidate to take over as CEO of the parent company.

Krenicki put in 29 years at General Electric.

For more insight and historical perspective into his tenure at GE Plastics, check out this Q&A interview that Krenicki did with Plastics News' Frank Esposito.


Recent Blog Posts

Law denies benefits to former Nazis, including former plastics executive   December 18, 2014 5:53 pm ET
Study estimates 269,000 tons of plastic in world's oceans   December 10, 2014 7:25 pm ET
Plastics and politics ... it's serious business   December 4, 2014 5:20 pm ET
Thanksgiving balloons — yep, they're plastic   November 26, 2014 1:59 pm ET
New registration process for plasticsnews.com (Psst: It's still free)   November 18, 2014 10:44 am ET
Astronauts, 3-D printing and hoverboards? Sounds good   November 5, 2014 11:01 am ET

Comments

John Krenicki's sweet severance

By Don Loepp

Published: January 2, 2013 6:00 am ET
Updated: January 17, 2013 12:01 am ET

Post Your Comments


Back to story

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events