SEC Eyes Welch's GE Contract

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NBC parent General Electric Co. said the Securities and Exchange Commission
launched an informal investigation into former chairman Jack Welch's
post-retirement agreement.

And Welch, hoping to defuse criticism of the plush GE package that was
detailed in his divorce proceedings, said he's reworked the agreement.

Under the new contract, Welch will only get use of office space and
administrative support. Welch wrote in a column in The Wall Street
Journal
that he'll pay up to $2.5 million annually for other perks contained
in his original GE contract, including rides on corporate jets and use of a
company apartment.

Welch maintained that there was nothing inappropriate with his GE contract,
but that 'perception matters' in the post-Enron Corp. world.

'In this environment, I don't want a great company with the highest integrity
dragged into a public fight because of my divorce proceedings,' Welch
wrote.

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