FAIRFIELD, Conn.--(BUSINESS WIRE)--Sept. 16, 2002--The General Electric Company has received a request for its voluntary cooperation in an informal investigation that the U.S. Securities and Exchange Commission (SEC) is conducting in connection with the employment and post-retirement agreement of former GE CEO John F. Welch.
GE will cooperate fully with the SEC in connection with this matter. GE received the request from the SEC at 5 p.m. on Friday, Sept. 13, a day after the GE board approved Mr. Welch's request to modify his post-retirement benefits to include only an office and administrative support -- benefits that have been provided for decades to all retired GE chairmen and vice-chairmen.
Mr. Welch's previous employment and post-retirement agreement with GE was signed on Dec. 20 1996, and was filed with the SEC in March 1997. It has been publicly available since then, having been described in GE's proxy statement and made available through the SEC website. GE believes it has complied with all disclosure requirements regarding Mr. Welch's benefits.
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CONTACT:
The General Electric Company
Gary Sheffer, (203) 373-3476