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

D'oh! Homer's adventures in Legoland   April 21, 2014 3:09 pm ET
Calling Sherlock Holmes   April 10, 2014 10:43 am ET
This year's best April Fools' jokes in plastics   April 1, 2014 4:43 pm ET
Pharrell Williams and Adidas make new clothing from marine debris   March 28, 2014 10:07 am ET
Luxottica deal may give Google Glass more style   March 25, 2014 10:09 am ET
Numerous plastics angles in the 2014 Manufacturing Leadership Awards   March 21, 2014 10:50 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

Market Data Book - Rankings & Lists

A one-stop download of Plastic News' exclusive annual lists and processor rankings containing essential data including sales, employees, end markets, materials and more.
EXCLUSIVE EXCEL FEATURE: full mailing address details for available plant locations.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Mold Making and Tooling Review and Outlook 2014 North America

This report provides in-depth analysis of the mold and toolmaking market for North America, including discussions of trends, opportunities, threats, the latest developments in production and labor and equipment trends impacting moldmakers.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events