General Electric Co. will pay departing Chief Financial Officer Jeff Bornstein as much as a year's salary after he leaves the company at the end of the year.

Bornstein, who earns a base salary of $1.78 million, will also be subject to a 12-month agreement not to work for a competitor, GE said in a regulatory filing Tuesday. Bornstein and Vice Chair Beth Comstock, who is retiring, will leave the company with their 2017 cash bonuses, the amounts of which haven't yet been disclosed, plus pro-rated performance awards for 2016.

Comstock, 57, will get a monthly allowance similar to her pension payout until she reaches age 60. Both she and Bornstein will be able to keep some of their unvested equity awards. All of their 2017 equity awards will be forfeited. They will also retain pension payouts under their supplementary pension plans.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.