GE Is Blasted for Revamping Culp’s Pay Package Amid Struggles
- Union-linked group calls for CEO, chairman roles to be split
- Company says performance is improving in a tough environment
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A labor-affiliated investor group blasted General Electric Co. for approving a restructured compensation plan last year that lowered the bar for Chief Executive Officer Larry Culp to potentially collect more than $230 million.
The manufacturer has faced a performance and operational crisis due to “years of poor board oversight,” CtW Investment Group Executive Director Dieter Waizenegger said Tuesday in a to GE director Risa Lavizzo-Mourey. The group called on GE’s board to permanently separate the CEO and chairman roles and refrain from re-nominating the five members of the executive compensation committee for approving the pay plan.