Welsh gives up retirement perks after outcry

JACK WELCH, former chief executive of General Electric Co, yesterday said he had given up free use of corporate jets, a sprawling New York apartment and other retirement benefits after facing criticism since they were revealed in his divorce.

Welch’s decision, which could halt lavish executive retirement packages funded by shareholders, came as the US markets’ top regulator said it is investigating the high powered executive’s employment and retirement contracts.

Welch, who retired from GE a year ago after 21 years as chairman, said he expects to pay GE between $2 million and $2.5 million a year for services such as use of company aircraft and the apartment. He also said he would provide no-cost consulting services to GE on an as-needed basis.