John Welch, Jr.,
retired CEO, announced in September that he would pay former employer General Electric about $2.5 million a year for corporate perks, such as use of the company's jet and a luxurious Manhattan apartment, that were included in the retirement package he negotiated in 1996. The SEC is investigating the contract, which came to light in divorce papers filed by his wife, Jane Welch. GE had also been bankrolling court-side seats at several sports events, laundry services, and country club memberships. Welch retired from GE in 2001.
Information Please® Database, © 2007 Pearson Education, Inc. All rights reserved.