said it canceled stock awards for Chief Executive Officer Larry Culp originally valued at $20 million, saying the company had failed to reach minimum performance thresholds necessary for the executive to take full title to the shares.
The move, made by the board last month, wiped out $5 million of the $8.2 million in total compensation the company reported for Mr. Culp for 2022, as well as a tranche of shares originally valued at $15 million when it was awarded in 2020. The company also canceled equity awards for the same years for other top executives.
Don’t think for one min Schenectady is safe with a global recession is being announced with in 2 weeks. But most likely next week. Along with big wigs not getting their millions in bonuses and pay. This in turn will bring on cuts will begin!