Welch retired just a few days before the terror attacks of 9/11 and was awarded a severance package worthy of a Saudi prince. GE gave Neutron Jack an annual pension of $9 million, health and life insurance, a $15 million Manhattan penthouse, unlimited use of the company's private Boeing 737 jet, a limo, country club memberships, VIP seats at New York Nicks and Yankees games, $7.5 million in furnishings and decorations for his four homes, and more. All this for a man who amassed a personal fortune thought to be close to a billion dollars during his years at GE, while firing one hundred twenty-eight thousand workers. The extent of Neutron Jack's pillage was only revealed after his wife busted him sleeping with another woman. She filed for divorce and sued when Welch offered her a typically Neutron Jack settlement of $15 million, a sum her lawyer termed offensive. The ensuing Clash of the Gargoyles in the cracked Welch mansion exposed the grotesque size of his compensation, leading to a Securities and Exchange Commission investigation and eventually a pledge by Welch to pay back to GE a part of his retirement package.

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About Jack Welch

Jack Welch was a 20th-century American business executive. John Francis Welch Jr. was an American business executive. Read more on Wikipedia →

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