GE details compensation program, cuts bonuses

Chief Executive Officer Flannery presents the company's new strategy in New York

Chief Executive Officer Flannery presents the company's new strategy in New York

Current Chief Executive John Flannery earned $9 million in salary and other compensation previous year. He won't get any bonus on top of his $1.7 million salary.

Given that GE was the worst performing stock on the Dow Jones past year - plunging 45% and losing US$125bn from its market value - the move to slash bonus payouts is perhaps not surprising. The remaining $3.37 million reflected a change in the value of his pension and deferred compensation.

While GE had started to show signs of stress early previous year, the company fell hard in the months after Immelt's exit.

Flannery, who officially came on board in August, immediately slashed the dividend, replaced several top managers and announced a series of "painful cuts" as he tried to get to grips with cash-flow shortfalls and flagging demand for GE's gas turbines and other industrial equipment.

Senior leaders, including the current and former CEOs, chief financial officer and general counsel, didn't receive a bonus in 2017 - the first time that's happened in GE's history, he said.

The exception was David Joyce, head of GE's aviation business, who received about $5.2 million. The company puts his total compensation at $9 million for 2018. He was recently named chairman of Athenahealth Inc.

But the 55-year-old, along with all but one of his fellow executives, won't be taking home a bonus this time around. His total annual compensation, including stock options and his pension, was estimated at more than $21.3 million. The Securities and Exchange Commission is also investigating the company. CEO Larry Culp. The company looked for candidates with "skill sets that were closely aligned to GE's future portfolio", said Brennan, who doesn't plan to seek re-election in 2019.

Former CFO Jeff Bornstein, who stepped down at the end of 2017, received $6.9 million, excluding $7.7 million of restricted stock units that were canceled.

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