GE CEO’s $232 Million Pay Deal Draws Shareholder Rebuke
- Almost 58% of shares voting oppose revamped compensation deal
- Rejection follows similar outcome last week at AT&T meeting
Photographer: John Tlumacki/The Boston Globe/Getty Images
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General Electric Co. shareholders rejected the company’s executive compensation plans in a nonbinding vote, snubbing a revised pay package that lowered the bar for Chief Executive Officer Larry Culp to eventually collect as much as $232 million.
Almost 58% of shares voting went against the pay deal at GE’s annual meeting Tuesday. Investors weighed in less than a month after shareholder advisory firm Glass Lewis chided GE’s board for maintaining Culp’s maximum potential payout “in exchange for reduced shareholder value creation.”