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GE CEO Agrees to Big Pay Cut After Shareholder ‘No’ Vote

  • Slashed compensation follows non-binding say-on-pay resolution
  • CEO Larry Culp’s target this year is half of his 2021 earnings
Larry Culp

Larry Culp

Photographer: Christopher Goodney/Bloomberg
Updated on

General Electric Co. slashed Chief Executive Officer Larry Culp’s controversial compensation package by $10 million a year, a surprise move by the industrial titan in response to last year’s rebuke by shareholders.

Culp and GE’s board of directors agreed to cut his annual equity award to $5 million from $15 million previously, according to a proxy filing on Thursday. The change takes effect this year and will bring Culp’s total target compensation down to about $11 million from an original projection of about $21 million.