GE GE Aerospace

   By Stephen Nakrosis 
 

General Electric Co. (GE) released information on the severance package given to former chairman and chief executive John Flannery, who was replaced in September.

GE fired Mr. Flannery, who is 57, after 14 months on the job, and replaced him with board member Larry Culp, who took over as the new chairman and CEO.

According to a filing, Mr. Flannery will receive severance of $4.25 million, which will be paid in equal installments over a 12-month period.

In addition, Mr. Flannery will vest at age 60 under the GE Supplementary Pension Plan, with his benefits based on his 32 years of service, the company said. He will also be eligible to receive "a prorated 2016-2018 long-term performance award payment, based upon the company's actual performance in accordance with GE's normal processes," GE said.

Several outstanding stock options and restricted stock units will vest "as soon as practicable following the separation date," GE said. Some performance share units held by Mr. Flannery will vest "in accordance with GE's normal processes," and "grants of stock options and RSUs granted prior to September 30, 2017 that normally would have vested after December 31, 2020 will be cancelled," according to the filing.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 02, 2018 17:41 ET (21:41 GMT)

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