So a few vice chairman exit (Rice,Comstock,Borenstein) which was certainly overdue but while we celebrate the fact some of the top brass are getting their just dues the money that they are walking away with should tick everyone off. Consider Borenstein who was just made vice-Chairman in June because he was so critical to the long term success if GE gets to take along $6.7MM of RSU’s and Beth Comstock $4.7MM of the same that were given early as they weren’t due to mature until 2020/2021 respectively. Additionally they will each get millions in retirement and stock. How does this continue to happen... no Officer gets fired anymore they just get to retire so they can take the cash! Did I say cash,... isn’t that something we don’t have. We can’t fund the pension, benefits continue to disappear, we continue the old financial games of CSA’s shipping to get rev.rec. with no cash yet we can pay these people millions and spend $12B (billion in cash you didn’t catch that) on the worst acquisition in GE history and possibly ever for any Fortune 100 company.
This leading up to Immelt’s legacy which be the most talked about business school case study at the likes of Whorton and Kellogg of how in 16 years Immelt took the House that Jack built and along with his lieutenants destroyed one of the most admired companies of all time. And the destruction will continue as all we have now is Leaders who only know how to cut cost with NO strategy on how to
grow. Every BOD needs to step down as this happened on their watch and the lack of governance around the financial engineering, $12B spent on Alstom and the millions the people responsible are walking away with is and absolute disgrace and they should ashamed!