NEW YORK (CNN/Money) - John F. Welch Monday said he gave up most of a controversial package of retirement benefits to distance General Electric from his divorce and deflect criticism that his perks were excessive.

"I want to get (General Electric) out of it," Welch told Lou Dobbs Moneyline.

Welch, who left GE a year ago this month, had said he would part with most of the perks including access to Red Sox tickets, corporate apartments and company jets, which he valued at as much as $2.5 million a year.

Saying, "Perception is everything," Welch said the move reflects the times. Public attitudes toward CEOs have tumbled with the bankruptcies of Enron and WorldCom and the arrests of the former leaders of Tyco International and ImClone Systems.

"Now I'm in a world that's different," Welch told Lou Dobbs. His retirement contract was written in 1996.

Welch's soaring reputation as the CEO who transformed General Electric became tarnished earlier this month when details of the retirement package became public through divorce papers filled by his former wife, Jane.

GE's board late last week approved Welch's proposal to modify his benefits package to include just an office and administrative support, perks the company traditionally has given to all retired chairmen and vice-chairmen.

Still, the Securities and Exchange Commission is looking into the package, GE said, amid concerns about how the company released details of the agreement.

Welch's comments to Dobbs amplify his remarks made in a Wall Street Journal op-ed piece Monday.

"In today's reality, my 1996 employment contract could be misportrayed as an excessive retirement package, rather than what it is -- part of a fair employment and post-employment contract made six years ago," Welch said

Welch defended that soundness of the pact, which would keep him on as a consultant at $86,000 a year.

"In this environment, I don't want a great company with the highest integrity dragged into a public fight because of my divorce proceedings. I care too much for GE and its people," he said in the Journal

Welch retired from GE following 21 years during which the company's market value climbed by $250 billion. According to the Forbes 400 list of richest Americans, Welch has a fortune of $680 million.

Welch had no major criticism for the system where boards of directors have large say into how CEOs are compensated.

"We are in a free market, free markets aren't perfect," Welch told Lou Dobbs Moneyline. But "I think we ought to have boards that pay for performance."

Welch's move may have born results. GE (GE: Research, Estimates) shares rose 85 cents, or 3 percent, to $27.90 Monday, narrowing their year-to-date loss to 30 percent.