Top GE execs see no cash bonus for first time in 126 years

General Electric senior managers won't receive cash bonuses after the company lost money in 2017, Reuters reports.

The move will save GE millions of dollars, with all but one of GE's top executives not getting a bonus. Former CEO Jeff Immelt, who exited in August 2017, earned $8.1 million last year. That's down from $21.3 million in 2016. GE scrapped Mr. Immelt's $5.4 million target bonus for 2017 and shaved about $1 million off his salary.

GE's current CEO John Flannery's salary was $9 million in 2017, and the company got rid of his $3 million target bonus.

The only executive to receive a bonus was David Joyce, head of GE's aviation arm. He received a $1.4 million bonus, earning about $5.2 million in 2017.

"We are holding leaders accountable for performance," GE said in a proxy, Reuters reports. "Consistent with this commitment to align pay to performance, the bonuses we paid were concentrated in aviation and healthcare, which had outstanding years."

More articles on business:
Walt Disney shareholders reject CEO's nearly $50M annual pay plan: 4 things to know
Snapchat lays off over 120 engineers
Amazon enters second phase of HQ2 search

© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months