As GE Tumbles, Board Eases Culp’s Path to a $230 Million Payday
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Larry Culp
Photographer: John Tlumacki/The Boston Globe via Getty ImagesThis article is for subscribers only.
General Electric Co.’s board extended Chief Executive Officer Larry Culp’s contract by two years after the coronavirus pandemic upended his plan to turn around the ailing industrial giant.
Culp will lead GE through at least August 2024 with the option for a one-year extension after that, the company said in a regulatory filing. The board also revised how Culp would be compensated, making it easier for him to take home as much as $230 million at the end of his contract.