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914Driver
914Driver MegaDork
8/3/12 5:57 a.m.

http://www.timesunion.com/default/article/28-3M-deal-eases-ouster-from-GE-3758854.php

SCHENECTADY — The departure of John Krenicki, the man who oversaw General Electric Co.'s energy infrastructure operations in Schenectady and elsewhere, won't come cheap.

In new regulatory filings first reported Thursday by The Wall Street Journal, Fairfield, Conn.-based GE revealed that the 50-year-old Krenicki will be paid $89,000 a month, or about $1 million a year, until he turns 60, when his regular pension will kick in.

The $10 million payment was described as a "retirement allowance" in a filing with the U.S. Securities and Exchange Commission.

In return, Krenicki has agreed not to join a competitor for the next three years.

Krenicki spent 29 years at GE but is leaving as the company restructures its energy infrastructure business, which he headed, by the end of the year. The business is being separated into three separate units, with the largest, Power and Water, to be based in Schenectady. Energy Infrastructure had been based in Atlanta, but the move returns decision-making power here, with Senior Vice President and Energy CEO Steve Bolze reporting directly to GE Chairman and CEO Jeffrey Immelt.

Executive compensation consultant Mark Reilly of Verisight Inc. told the Journal that Krenicki's package, which also includes a bonus worth at least $2.9 million, plus stock options originally set to vest between now and the end of 2014, is worth an estimated $28.3 million.

Krenicki's realized compensation totaled $6,795,069 in 2011, according to regulatory filings.

Krenicki will join private-equity firm Clayton, Dubilier & Rice LLC as a senior operating partner in January. There was no word on how much he will be paid there.

In Schenectady, local union officials weren't too happy with the news of Krenicki's payout.

"I think it's obscene," said Jose Fernandez, the business agent for IUE-CWA Local 301. "Our membership has made sacrifices to reduce costs and keep jobs here. I'm very disappointed."

Fernandez joined the company in 1973, when he was 17 years old, giving him 39 years of service with the company, 10 more, he pointed out, than Krenicki.

"It's a good company, don't get me wrong," Fernandez added. But, "they always preach that we're on one team. We must have separate locker rooms."

Mazdax605
Mazdax605 Dork
8/3/12 6:59 a.m.

I could have fun trying to spend that sort of cash each month.

92CelicaHalfTrac
92CelicaHalfTrac MegaDork
8/3/12 7:10 a.m.

I could spend it, but i'd also have at LEAST 50 cars within a year.

1988RedT2
1988RedT2 UltraDork
8/3/12 7:17 a.m.

This sort of thing is far from unusual.

As far as spending that kind of loot, I suspect it would be far easier than you think.

GameboyRMH
GameboyRMH GRM+ Memberand PowerDork
8/3/12 7:19 a.m.

I would spend it quite easily. A house here, a supercar there and it sure wouldn't be building up.

Spoolpigeon
Spoolpigeon Reader
8/3/12 7:24 a.m.

Think of all the hookers you could get a month with that..... And I suppose a couple of cars too.

Conquest351
Conquest351 Dork
8/3/12 8:30 a.m.

Buy some land and start building a race track, that'll eat it all up. LOL But that's what I'd do if I got a crap-ton of cash.

ProDarwin
ProDarwin SuperDork
8/3/12 8:32 a.m.

A nice garage + engineering tools to design/build whatever I want. I could spend it for the first year probably.

Hell, in Northern, there are plenty of houses with a mortgage that would cost far more than that.

http://www.realtor.com/realestateandhomes-detail/7201-Dulany-Dr_Mc-Lean_VA_22101_M51861-62770

GameboyRMH
GameboyRMH GRM+ Memberand PowerDork
8/3/12 8:35 a.m.
Conquest351 wrote: Buy some land and start building a race track, that'll eat it all up. LOL But that's what I'd do if I got a crap-ton of cash.

That's actually my plan to get rid of the excess money. I would actually pave a huge area and then get little cone-carrying/placing robots so I can make new track layouts on a computer and have them assemble it for me. No sense being stuck with one track right?

z31maniac
z31maniac PowerDork
8/3/12 8:37 a.m.
Conquest351 wrote: Buy some land and start building a race track, that'll eat it all up. LOL But that's what I'd do if I got a crap-ton of cash.

I want to build a kart track, scale replica of Monza.

Just need to hit the lotto first!

Duke
Duke PowerDork
8/3/12 8:39 a.m.
GameboyRMH wrote: That's actually my plan to get rid of the excess money. I would actually pave a huge area and then get little cone-carrying/placing robots so I can make new track layouts on a computer and have them assemble it for me. No sense being stuck with one track right?

Dear Bob, that's an awesome idea. I was going to build a big flat autocross area with a preengineered shop building next to it, and let my local car club run there for free. But I never thought of having scutters to place the cones like a big CNC machine. Raises a beer to genius

ProDarwin
ProDarwin SuperDork
8/3/12 8:49 a.m.
GameboyRMH wrote: That's actually my plan to get rid of the excess money. I would actually pave a huge area and then get little cone-carrying/placing robots so I can make new track layouts on a computer and have them assemble it for me. No sense being stuck with one track right?

I've put serious thought into something similar:

Embed threaded inserts into the concrete. Create custom foam "cones" that thread in. When you hit them, they will flop over, but pop right back up.

I'd start off with a light inside that blinks if it is agitated enough. Later I would incorporate wireless transmitters that would notify the timing system that a cone has been hit.

scardeal
scardeal Dork
8/3/12 8:55 a.m.
ProDarwin wrote: Embed threaded inserts into the concrete. Create custom foam "cones" that thread in. When you hit them, they will flop over, but pop right back up. I'd start off with a light inside that blinks if it is agitated enough. Later I would incorporate wireless transmitters that would notify the timing system that a cone has been hit.

That sounds like a good way to have a blowout if you hit a cone.

Twin_Cam
Twin_Cam UltraDork
8/3/12 8:58 a.m.

I'm sure I could figure it out...or just invest it all and give it away after the first few years because it won't take long to own everything I need. What more do you need than a house with lots of land and 10-15 cars

GameboyRMH
GameboyRMH GRM+ Memberand PowerDork
8/3/12 8:59 a.m.
scardeal wrote:
ProDarwin wrote: Embed threaded inserts into the concrete. Create custom foam "cones" that thread in. When you hit them, they will flop over, but pop right back up. I'd start off with a light inside that blinks if it is agitated enough. Later I would incorporate wireless transmitters that would notify the timing system that a cone has been hit.
That sounds like a good way to have a blowout if you hit a cone.

It could work if the base of the cone is a flat plate and the bolt projects below it. Then to detect a hit, another plate is sandwiched on top with a load cell in between.

ProDarwin
ProDarwin SuperDork
8/3/12 9:03 a.m.
scardeal wrote:
ProDarwin wrote: Embed threaded inserts into the concrete. Create custom foam "cones" that thread in. When you hit them, they will flop over, but pop right back up. I'd start off with a light inside that blinks if it is agitated enough. Later I would incorporate wireless transmitters that would notify the timing system that a cone has been hit.
That sounds like a good way to have a blowout if you hit a cone.

All of the threads would be below the surface of the pavement.

4cylndrfury
4cylndrfury UltimaDork
8/3/12 9:10 a.m.
Twin_Cam wrote: I'm sure I could figure it out...or just invest it all and give it away after the first few years because it won't take long to own everything I need. What more do you need than a house with lots of land and 10-15 cars

I would start by adding a badass garage/machine/weld/fab shop

Conquest351
Conquest351 Dork
8/3/12 9:16 a.m.

If I had my own race track, there'd be about a 5 acre skidpad out there to play with too. LOL I like the foam cone idea! Also have pop-up sprinklers to wet it all down for some wet sideways fun.

slantvaliant
slantvaliant Dork
8/3/12 9:18 a.m.

Silly people. Think machine vision. A few cameras, each watching cones section of the track. Computer ID's where the cones are supposed to be, lets the scoring computer know when one moves and sends a cone-bot out to adjust.

pinchvalve
pinchvalve UltimaDork
8/3/12 9:29 a.m.

GE...I wish they would get specific!

DoctorBlade
DoctorBlade SuperDork
8/3/12 9:29 a.m.

If the government let you keep it all. You'd have to hire a tax expert to keep you from getting fleeced by the government, anyway. After they took their share, you'd be working the drive-through at McD's anyway.

mthomson22
mthomson22 Reader
8/3/12 9:31 a.m.

What if you're like me, and actually run over the occasional cone?

914Driver
914Driver MegaDork
8/3/12 9:33 a.m.

I'd hire someone to break in my jeans.

ProDarwin
ProDarwin SuperDork
8/3/12 9:42 a.m.
914Driver wrote: I'd hire someone to break in my jeans.

I would wear brand new socks every day.

Giant Purple Snorklewacker
Giant Purple Snorklewacker UltimaDork
8/3/12 9:44 a.m.

I could eat up $89k a month just on my ALMS team alone.

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