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Corporations start to keep fewer secrets.(Column)(Brief Article)
Crain's Detroit Business, September, 2002 by Crain, Keith
Byline: KEITH CRAIN I'm not sure anyone would argue that Jack Welch, former head of General Electric, didn't deserve a great deal of money for the fine job he did while he was chairman and CEO of the company. But there is something wrong when shareholders find out about his retirement package through a messy divorce.
General Electric made two mistakes when dealing with Welch. The first was to negotiate his retirement benefits while he was still chairman. At the same time, the board included people who do business with GE. The second mistake, one that seems to be getting everyone in trouble these days, is that GE kept those benefits secret from its shareholders. I don't care what anyone says, if you keep something secret from your shareholders,...
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