Bloomberg write - up questioning board decision to lower the bar for Culp's payout. All those who criticized how I Melt owned the Board can now jump in on Culp. GE clearly demonstrates the need for separate CEO and Chairman roles as the saying goes, ultimate power corrupts. as does the hunger for more money and Culp has done nothing except dismiss thousands of employees, continue Flannery's sell off. A non corrupt Board would have set the targets for 5 years out to see how Culp's changes take effect in Healthcare, Power, Renewables and Aviation. Look for more to be sold as none of those businesses are generating sufficient cash to justify to the stock price
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what a joke ...he kept the stock price above $10 for how long ? You got to be kidding me he deservers nothing ! GE is paying what for a dividend - 0.01/qtr and he thinks he is doing a great job! I am not sure if GE will be around in 10 years with clowns like this running the company. All they want to do is screw employees and take ridiculous payouts for doing nothing a god damn monkey can do in that position.
Different hog, same trough. The only things that Culp has done are change the players, added some new buzz words, and renegotiate a new contract. He was touted as the first "outsider" to be appointed CEO, and the first thing he did was read the GE playbook, and is now executing it.
And yet ,,,
(1) Mr. Lary Culp has
ONLY a total net worth of $150,000,000, tied with his illustrious predecessor,
(2) Mr. Jeffrey "TWO JETS" Immelt.
While the lowly non-player Mr. John Flannery has a measley (including the $10 mil. Exit package) $16,54o,ooo, poor guy.
So the three of them combined come up way short of the Late Mr. John (Jack) Francis Welch Jr.'s Bank account total at passing of, $75O,OOO,OOO.
Long story short ?!
When will these 2 guys learn that they'll never fill the shoes of the guy that made GE the Great Ride of years gone by ?
Albeit by means that rocked the Marketing & Production world at that time.
And the beat goes on.
Morale of the story is ...?...!
*GET OUT WHILE THE
GETTINS GOOD !!!*
Look what Culpable had to do get the $47 million. He sold just about everything of value, wage freezes, massive layoffs, salaried employees pension froze, and almost zero acquisitions (no growth). No telling what is in store for us remaining employees as to what actions he plans to take to get the stock price to $20 to get the big prize of $200 million plus. Be afraid. Be very afraid.
Recently Larry Culp sent a company wide e-mail asking GE to change it's culture of using words like 'entitlement' saying, "We are entitled to little, and need to earn". And less than 4 weeks later, he finds himself entitled to 47 million dollars for doing nothing but ride a broad market recovery. This company is done.
For the benefit of non aviation folks, the word 'entitlement' is used in the context of allowable design margin, which is admittedly rather weird.
He must be brilliant. Anyone who could forge a multi-million dollar contract like he did based on stock price is worthy of praise. Once that was done, all that was left to do was to reduce debt and improve cash flow. Sell some business units, massive cuts, layoffs, etc. Just the usual stuff. All under the guise of "lean". Now you can applaud.
To the poster person here is a little bit of info for you. Deal with it until your pink slip arrives very soon. Cuts have to be made somewhere for his bonus! Just wait till the next round of layoffs for power and aviation around 2 months or so.