Investing
CEO Left Out Of Bonus Bonaza For GE (GE) Execs
Published:
Last Updated:
Jeff Immelt, GE’s Chairman and CEO did not take a bonus for 2009. That did not keep the rest of the conglomerate’s management from becoming richer.
Immelt collected a base salary of $3.3 million which is the same as it was for 2007 and 2008.
Keith Sherin, GE’s CFO, received an extraordinary $14 million in compensation last year. Vice Chairman John Krenicki made $13 million. Vice Chairman Michael Neal made $15.2 million and Vice Chairman John Rice made $15.4 million.
It should not matter to shareholders that Immelt took no bonus. It is a meaningless gesture when the balance of GE management got stratospheric pay packages. Investors were disappointed by GE’s 2009 earnings. Its stock is down 50% over the last two years while the DJIA is off less than 10%.
GE’s Vice Chairman made obscene sums given the company’s performance.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.