GE CEO Larry Culp agrees to pay cut after shareholder protest

General Electric Co. said Chief Executive Larry Culp agreed to reduce his potential compensation by about $10 million this year, responding to shareholder concerns over changes that GE’s board made to executives’ pay packages in 2020.

In August 2020, the GE
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board revised Culp’s contract, extending it until 2024 and awarding him a special stock grant during the year that was valued at more than $100 million by the end of 2020. Asset managers called the awards poorly linked to the company’s performance, which they characterized as trailing that of GE’s peers.