General Electric axes top-executive bonuses for first time [Business News Network (BNN) Energy & Resources (Canada)]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Business News Network
General Electric axes top-executive bonuses for first time NEW YORK - General Electric Co ( GE.N ) last year eliminated bonuses for its senior managers for the first time in its 126-year history, saving millions of dollars after losing money in 2017, the industrial conglomerate said on Monday. All but one of its top executives did not receive a bonus, the company said. The changes led to steep declines in compensation and reflected the company's poor results in 2017, according to the company's annual proxy. Former CEO Jeff Immelt, who stepped down on Aug. 1, received US$8.1 million in 2017, down from US$21.3 million the year before. Compensation includes salary, bonus, stock, options and other income. GE eliminated Immelt's 2017 target bonus of $5.4 million and cut about $1 million from his salary. Current Chief Executive John Flannery earned US$9 million in salary and other compensation last year. The company eliminated a US$3 million target bonus for him, GE said. The company also e
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