According to preliminary results released on May 4, 57.7% of shareholders rejected General Electric’s pay packages for named executives, including Chief Executive Larry Culp. The vote is advisory.
In 2020, Culp forfeited his bonus and most of his $2.5 million salary. However, his total compensation was $73.2 million, according to the company’s proxy statement. In August, GE disclosed it had extended Culp’s contract by two years to 2024 and replaced his sign-on incentive package with a new one calculated using a lower share price. Culp took over at GE in October 2018 and was given an “inducement” that would pay up to $232 million if the share price hit $31, compared with a reference level of $12.40. The new package would pay out the same potential amount, but with a new upper threshold of $16.68 per share.
In order to receive the award Culp must remain in service until his contract ends, which can include him moving from chief executive to executive chairman during the fourth year and becoming a director or consultant in the fifth.A General Electric sign is seen at the second China International Import Expo in Shanghai, China November 6, 2019.
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