Page "Jack Welch" Paragraph 14

Welch's income and assets came under scrutiny during his divorce from his second wife Jane in 2001, after she included details in divorce papers of what she said he received as benefits from GE.

Welch's contracts with GE were subsequently investigated by the U. S. Securities and Exchange Commission ( SEC ).

The retention package, worth $ 2. 5 million, agreed upon by Welch and GE in 1996 promised him continued access after his retirement to benefits he received as CEO including an apartment in New York, baseball tickets and use of a private jet and chauffeured car.

These benefits were agreed upon in lieu of a more traditional stock package because, according to Welch, he did not want more money, preferring instead to retain the lifestyle he had enjoyed as CEO once he retired.

According to an interview with Welch in 2009 this agreement was filed with the SEC.

As a result of the media attention his divorce proceedings brought to his retention package, particularly claims that such a package made him look " greedy ", Welch chose to renounce the benefits.