Bonus, incentive waiver by GE

.

GE Chief Executive Officer Jeffery Immelt has stated a waiver in bonus and incentives amounting to $11.7 million as a measure to overcome the economic meltdown. The company has been facing credit and share crisis since the global economic slump.

Immelt's salary too has remained static since 2005. He declined to accept a three-year cash compensation award and bonus that were due to him by the company. Immelt performance during the last three years had earned him long-term performance cash award of almost $12 million. He was also entitled to an annual bonus, which was worth $5.8 million in 2007. But the CEO refused to accept the enhancements in the current economic scenario.

According to the committee, Immelt had "performed well in an extraordinarily tough business environment," though he was not able to meet the financial goals set a year ago. Immelt, who would be 53 has been holding the position since Sept. 7, 2001, and works without a contract.

However, Immelt would continue to earn performance-share units, which may be converted into GE stock in five years if the group achieves certain goals on its cash and stock return.


Latest News

Herb Strather, Detroit blight Buyer Makes a Wednesday Deadline
Baidu with its Growing Mobile Presence, Hit 27 Percent Profit Increase
Third Quarter Profits for Samsung Electronics Drop Sharply
Federal Reserve Ends Bond Buying Programme, Keeps Interest Rates Low
Reduced Growth in Major Overseas Economies Affect U.S. Durable Goods Order
Lowe’s to Introduce Robots in Store for Customer Service
Facebook Shares Fall as the Company Portrays Increased in Expenses in 2015
USPS Audit Questions the Consistency of Surveillance Conducted on Mail
For the CEO of Twitter, Growth in Number of Users Is the First Priority
Highest Retail Sales Noted in Japan in Last Four Months
Madison Square Garden Co. is Planning a Split in Its Media, Sports and Entertain
In Matters of Auto Reliability Detroit Automakers Trail Behind Foreign Companies