Former US company chief gives up some perks following public outcry

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

Mr 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.

Mr 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 such services as use of company aircraft and the company apartment. He also said he would provide no-cost consulting services to GE on an as-needed basis.