Summary
This 8-K filing from General Electric (GE) details a compensatory arrangement for John G. Rice, former Vice Chairman, who returned from retirement to serve as Chairman of the GE Gas Power business. Effective January 9, 2019, Mr. Rice will receive an annual salary of $2,000,000 for his part-time advisory role. This position is focused on guiding the GE Gas Power business as it operates as a standalone unit. Mr. Rice will not hold a director or executive officer position within GE.
Key Highlights
- 1John G. Rice, former GE Vice Chairman, appointed Chairman of GE Gas Power business.
- 2Appointment is part-time, focused on advising the standalone GE Gas Power business unit.
- 3Annual salary for Mr. Rice's role is set at $2,000,000.
- 4Mr. Rice remains eligible for active employee health and equity plans.
- 5This role does not affect his previously disclosed retirement benefits.
- 6Mr. Rice is not serving as a director or executive officer of GE in this capacity.