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