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Stock impact report

GE shareholders reject CEO Culp's $230 million pay in rare rebuke [Reuters]

General Electric Company (GE) 
Last general electric company earnings: 4/30 04:02 pm Check Earnings Report
US:NYSE Investor Relations: ge.com/investor-relations/overview
Company Research Source: Reuters
GE shareholders reject CEO Culp's $230 million pay in rare rebuke By Jessica DiNapoli , Rajesh Kumar Singh 4 Min Read NEW YORK/CHICAGO (Reuters) -General Electric Co shareholders rejected top executives’ compensation packages, including a payout of as much as $230 million to CEO Larry Culp, at the industrial conglomerate’s annual shareholder meeting on Tuesday. While the shareholder vote was non-binding, the move was a rare rebuke of a major corporation’s handling of its executive pay. It comes after GE laid off 20,000 workers last year. It is set to embolden corporate governance reform advocates who have criticized the shielding of CEOs from the financial fallout of the COVID-19 pandemic and the cost cuts companies often choose to implement. As part of an extension of Culp’s employment contract to 2024, GE last August canceled old shares given to him and granted him new shares tied to lower financial targets. Proxy advisory firms, Institutional Shareholder Services Inc (ISS) and Gla Show less Read more
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