August 06, 2012
Covenants Not to Compete, for a (Hefty) Price
Sometimes, as this article froom Bloomberg Businessweek points out, it pays not to work. John Krenicki, a former executive of GE, will be paid $89,000 a month until 2022 to keep him from working for a competitor for three years. That doesn't mean,(as my misleading first sentence indicates), that he can't work for anyone, In fact, according to a WSJ article (that I won't link to because you hit a subscriber paywall), Mr. Krenicki is going to take a job as a partner at a private equity firm. As the Bloomberg article notes, the three year non-compete is three times as long as the average because Krenicki is, apparently, worth it.
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