Business
General Electric chief’s $301m pay deal rejected by shareholders – Sydney Morning Herald
General Electric shareholders rejected the company’s executive compensation plans, snubbing a revised pay package for CEO Larry Culp.
Shareholders of US giant General Electric have rejected the companys executive compensation plans in a non-binding vote, snubbing a revised pay package that lowered the bar for chief executive officer Larry Culp to eventually collect as much as $US232 million ($300.8 million).
Almost 58 per cent of shares voting went against the pay deal at GEs annual meeting on Tuesday (US time). Investors weighed in less than a month after shareholder advisory firm Glass Lewis chided GEs board for maintaining…
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