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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.


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John Krenicki's sweet severance

By Don Loepp

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

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