CEO Left Out Of Bonus Bonaza For GE (GE) Execs

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