Followers | 679 |
Posts | 141164 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Thursday, March 17, 2022 8:52:19 PM
By: Reuters | March 17, 2022
CHICAGO (Reuters) - General Electric (NYSE:GE) Co on Thursday said its Chief Executive Larry Culp would take a 67% cut to an incentive grant this year after shareholders last year rejected his compensation package in a non-binding but rare rebuke over executive pay.
In its annual proxy statement filed on Thursday, the Boston-based industrial conglomerate said Culp's annual equity incentive grant for 2022 will be reduced to $5 million from $15 million.
The company also disclosed Culp's annual compensation last year was about $22.7 million, down 69% from 2020, due to a reduction in stock awards.
Proxy votes against executive pay at S&P 500 companies became more common last year and were often sparked by "questionable practices and metrics," such as easier performance targets during the COVID-19 pandemic, according to a report by shareholder advocacy group As You Sow.
Among the S&P 500, a record 16 companies had the pay of their CEOs and other top leaders rejected by more than half of investors last year, up from 10 in 2020 and seven in 2019, the report said.
As part of an extension of Culp's employment contract to 2024, GE in 2020 canceled old shares he had been given and granted him new shares tied to lower financial targets. The compensation package entailed a payout through 2024 of as much as $230 million.
Some 57.7% of GE shareholders last year rejected the pay deal, according to preliminary results, which some proxy advisory firms argued was too generous.
GE said in the proxy statement its board had gathered feedback from shareholders on the issue and tried to address concerns related to compensation matters.
While defending the 2020 grant, the company said its board does not intend to enter into a similar modification of the CEO's employment agreement in the future.
It also promised to use discretion sparingly in determining bonus pools.
GE's annual shareholders meeting is scheduled in May.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GE News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:34:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:32:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:31:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:29:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:27:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:25:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:24:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:22:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 08:21:23 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 08:15:30 PM
- U.S. Index Futures Rise in Pre-Market, Oil Prices Dip Slightly • IH Market News • 04/23/2024 11:26:41 AM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
- GE Aerospace Board of Directors Authorizes Regular Quarterly Dividend • Business Wire • 04/05/2024 04:02:00 PM
- Cal-Maine Surges on Strong Quarterly Performance, Taiwan Earthquake Disrupts Tech Supply Chain, and More • IH Market News • 04/03/2024 11:12:20 AM
- GE Aerospace Launches as Independent, Investment-Grade Public Company Following Completion of GE Vernova Spin-Off • Business Wire • 04/02/2024 10:33:00 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- GE Vernova and Solventum Set to Join S&P 500; Dentsply Sirona to Join S&P MidCap 400; Others to Join S&P SmallCap 600 • PR Newswire (US) • 03/27/2024 10:12:00 PM
- Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News • IH Market News • 03/18/2024 11:10:46 AM
- Intel Loses Pentagon Funding, Shell Plans 20% Business Team Reduction, and Latest News • IH Market News • 03/13/2024 11:02:03 AM
- Sam Altman Rejoins OpenAI Board; Coinbase, MicroStrategy Surge Pre-Market Amidst Bitcoin’s Latest Milestone • IH Market News • 03/11/2024 10:39:03 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 11:20:28 AM
- GE Aerospace Hosts 2024 Investor Day • Business Wire • 03/07/2024 11:15:00 AM
- GE Vernova Hosts 2024 Investor Day • Business Wire • 03/06/2024 11:15:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 10:29:57 PM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM