What was his take home pay last year?
He should give back ALL of his wealth accumulated (even that from investments) and only take 250K per year...
I’m a substantial GE shareholder and, while not at all happy with some of the decisions and the “creative” accounting at GE Capital and Jeff’s unabashed sucking up to the Marxist-n-thief, he did the right thing here.
***********
General Electric’s Jeff Immelt has waived his right to collect bonus and performance-based pay that would have netted the chief executive more than $12m in cash, people familiar with the company’s plans said.
The decision, approved by GE’s board this month, comes as Mr Immelt confronts a deepening recession that has crimped earnings and prompted its retreat from financial services, which had served as a profit engine for two decades.
He began to consider declining his annual bonus and long-term performance award last year after drawing criticism for missing profit guidance and failing to reverse a slump in GE’s stock price, the people said. While he has not always evaded scrutiny for GE’s results during his eight years at the helm, he is rarely singled out for excessive pay.
In 2002, as opposition to lavish corporate America’s stock-option awards began to mount, Mr Immelt opted for an equity-compensation plan that would pay him stock only if GE achieved predetermined goals.
He also owned about 1.6m shares at year end, more than 300 per cent above his required investment. He received his last salary rise in 2005.
“My compensation is never going to be an embarrassment to GE,” Mr Immelt said this month. “It’s going to be responsible; it’s going to be appropriate; it’s going to be transparent; and it’s going to reflect the financial performance of the company.”
Based on how GE fared in the last three years, Mr Immelt was entitled to a long-term performance cash award of almost $12m. He also stood to get an annual bonus, worth $5.8m in 2007.
The GE board agreed to keep Mr Immelt’s annual salary at $3.3m, the people said. All told the cash portion of his compensation will decline 64 per cent from a year ago. GE’s shares fell 56 per cent in 2008 and it reported net earnings of $17.4bn, a 22 per cent drop on 2007.
Mr Immelt will continue to earn performance-share units, which may be converted into GE stock in five years if the group achieves certain goals on its cash and stock return, the people said.
Dunno, but I bet he’s planning on getting a substantial raise if Obama’s cap and trade agenda goes through. He isn’t just kissing Obama’s rear in order to escape the lash of Obama’s whip. He’s kissing Obama’s rear because he’ll be the house slave, the one who will stand to benefit from what obama will do to the rest of the so-called private sector. In other words, he’s a greedy Quisling.