General Electric (NYSE:GE) said it canceled stock awards for CEO Larry Culp originally valued at $20 million after the company failed to reach minimum performance thresholds necessary for the executive to take full title to the shares.
According to a Wall Street Journal report, the move wiped out $5 million of the $8.2 million in total compensation the company reported for Culp for 2022, as well as a tranche of shares originally valued at $15 million when it was awarded in 2020. GE also canceled equity awards for the same years for other top executives, the report said.
In 2021, shareholders voted against a revised pay package that lowered the threshold for Culp to collect a windfall in equity-based compensation at the end of his tenure if GE’s share price reached high enough levels.
Also in 2021, Culp announced plans to break up GE into three companies focused on aerospace, power-related equipment and health care. It unbundled its GE Healthcare Technologies in January and plans to complete the separations early next year.
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