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.”
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