Jack Welch gives up some perks, puts spin on situation
USA Today story on Jack Welch on his compensation.
Welch, who retired from GE a year ago after 21 years as chairman, said in a signed essay on the editorial page of The Wall Street Journal that he had asked the GE board to modify his post-employment contract "by eliminating everything except the traditional office and administrative support given for decades to all retired GE chairmen and vice chairmen."
..."Papers filed by my wife in our divorce proceeding became public and grossly misrepresented many aspects of my employment contract with General Electric," Welch wrote. "I'm not going to get into a public fight refuting every allegation in that filing."
Nevertheless, he said that one of the things he learned as CEO of GE was that perception matters, especially during a time when news of lavish compensation packages and executive malfeasance have soured public confidence in American business.