GE Didn't Pay Bonuses to CEO, Top Executives in 2017

By Thomas Gryta 

General Electric Co. didn't pay a cash bonus last year to its top executives, which it said was the first time in the company's 125-year history.

The Boston-based company said in a regulatory filing Monday that its board withheld the 2017 bonuses and canceled some 2015 equity awards that executives would have partly received. It cited the conglomerate's struggles last year, which forced GE to slash its dividend, cut thousands of jobs and overhaul its leadership.

John Flannery, who took over as CEO on Aug. 1 with a $2 million annual salary, received $9 million in total compensation for 2017, including stock options and changes in values in his pension plan, according to the proxy filing. GE didn't disclose what Mr. Flannery made the previous year when he ran GE Healthcare.

Former CEO Jeff Immelt received $8.1 million in total compensation last year, down from $21.3 million in 2016. Mr. Immelt, who led the company for 16 years and retired as chairman in October, didn't receive any severance payments.

Write to Thomas Gryta at [e-mail]

(END) Dow Jones Newswires

March 12, 2018 18:16 ET (22:16 GMT)

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