GE Didn't Pay Bonuses to CEO, Top Executives in 2017
March 12 2018 - 6:31PM
Dow Jones News
By Thomas Gryta
General Electric Co. didn't pay a cash bonus last year to its
top executives, which it said was the first time in the company's
125-year history.
The Boston-based company said in a regulatory filing Monday that
its board withheld the 2017 bonuses and canceled some 2015 equity
awards that executives would have partly received. It cited the
conglomerate's struggles last year, which forced GE to slash its
dividend, cut thousands of jobs and overhaul its leadership.
John Flannery, who took over as CEO on Aug. 1 with a $2 million
annual salary, received $9 million in total compensation for 2017,
including stock options and changes in values in his pension plan,
according to the proxy filing. GE didn't disclose what Mr. Flannery
made the previous year when he ran GE Healthcare.
Former CEO Jeff Immelt received $8.1 million in total
compensation last year, down from $21.3 million in 2016. Mr.
Immelt, who led the company for 16 years and retired as chairman in
October, didn't receive any severance payments.
Write to Thomas Gryta at thomas.gryta@wsj.com
(END) Dow Jones Newswires
March 12, 2018 18:16 ET (22:16 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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