General Electric Company (LON:GEC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
General Electric Company (“GE” or the “Company”) is filing this Current Report on Form 8-K to Item 5.02(e) to disclose a compensatory arrangement with John G. Rice, former Vice Chairman, GE and former President & CEO, GE Global Growth Organization, who was a named executive officer in the Company’s Definitive Proxy Statement for the 2018 Annual Meeting of Shareowners (the “2018 Proxy”).
On November 19, 2018, GE announced that effective December 1, 2018, Mr. Rice would return from retirement to serve as the Chairman of the GE Gas Power business. In this role, Mr. Rice will serve as a part-time GE employee to advise the GE Gas Power leadership team as it establishes itself as a standalone business unit. He will not serve as a director or executive officer of GE.
In connection with Mr. Rice’s appointment, on January 9, 2019, the Company and Mr. Rice agreed that he will receive an annual salary of $2,000,000. Mr. Rice is eligible to participate in GE’s active employee health and equity plans in accordance with GE’s normal processes. Mr. Rice’s employment does not otherwise alter his receipt of retirement benefits as described in the 2018 Proxy.