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

Toyota Entering Strategic Investment Deal with Uber
HP Enterprise will Spin Off its Enterprise Services Business Merging it with Com
Patrick Soon-Shiong invests $70.5 million in Tribune
Ares Capital planning to acquire American Capital
Although Scientists say GMOs are Safe to Eat But it is Not Easy to Convince Ever
Central States Pension Fund has No New Recovery Plan Seeks Legislation to Protec
Does Fewer Opioid Prescriptions in the U.S Reflect a Curb in the Wave of Addicti
Japan’s Exports Drop further in April adding to a Gloomy Outlook
The Long Drawn Battle for Control Over Sumner Redstone’s Trust Takes New Turn
April Payrolls Reflect Significant Increases in Eleven US States
Bids for Yahoo may Not Match Earlier Expectations