The hypocrisy of the 1%ers:
During the meeting, the company explained that Culp's contract was extended because GE's transformation would take longer than anticipated due to the coronavirus pandemic. The lowered performance goals in his pay package reflected the uncertainty of the pandemic at the time, the company said.
What about the thousands and counting that he has laid off? Did they get the benefit of the pandemic?
Funny how desperate the Board sounds when they say the only human on the planet that can turnaround GE is a management team who hadn’t done it. Hilarious let’s pay an obscene amount to a guy who hasn’t yet delivered but by paying him more somehow magically he and his team will perform. Comical! I think the Board deserves a raise because there are no other humans capable!
While your at it how about another $13.5M, YES MILLION FORTHE HEAD OF HR. Again no one on the planet capable of HR work.
From another site:
“ Culps incentive package is obscene and an insult to the employees who strive to rebuild GE from the ground up. Equally his refusal to propose a dividend to shareholders is insulting. It appears that Culp is the only person who thinks he deserves to be the sole beneficiary of upside at GE.”0
https://www.reuters.com/business/general-electric-shareholders-reject-ceo-larry-culps-pay-2021-05-04/
A majority of shareholders at General Electric Co's(GE.N)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."