Larry Culp, the General Electric chair and chief executive whose potential $230mn pay deal was rejected by investors last year, has consented to cut his equity incentive grant for this year by two-thirds.
Culp and the compensation committee of GE’s board agreed the reduction in the annual grant from $15mn to $5mn “in response to shareholder feedback”, the US industrial group said in a proxy filing ahead of its annual meeting on May 4.
The equity incentives, set out in an amendment to Culp’s employment agreement, come on top of his base salary and cash bonuses. In 2021 he earned a salary of $2.5mn and an annual cash bonus of $4.2mn for a year in which he announced a plan to break GE into three separate public companies.
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