General Electric shareholders reject CEO Culp's pay deal [Reuters]
GE Aerospace (GE)
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Source: Reuters
General Electric shareholders reject CEO Culp's pay deal By Jessica DiNapoli , Rajesh Kumar Singh 2 Min Read NEW YORK/CHICAGO (Reuters) -A majority of shareholders at General Electric Co’s annual meeting rejected the pay packages for named executive officers, including CEO Larry Culp, whose compensation for 2020 tallied $73.2 million. According to preliminary results, 57.7% of shareholders rejected GE’s pay packages, a strong rebuke to executives of the industrial company, which is in the middle of a challenging turnaround and has laid off thousands of workers. “While we are disappointed with the preliminary results of the vote, we value and respect the views of the shareholders,” the company said. “The board will take those views into consideration as we evaluate executive compensation.” The shareholders’ vote is advisory, not binding. GE last August lengthened Culp’s employment agreement to 2024, with a one-year option to extend after that. As part of the agreement, the company gra
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