GE Doubles CEO Immelt’s Compensation to $15.2 m

CEO Jeffrey R. Immelt saw his 2010 compensation jump to $ 15.2 million as General Electric Co. earned profits thanks to recovering economy.

 

GE posted a 52 percent increase in its net income of $ 4.46 billion in the final quarter. The company plans to hold its annual meeting in Salt Lake City on April 27.

 

On Monday trading, shares of GE dropped 2.2 percent to close at $ 19.92. For the full year, GE shares jumped nearly 21 percent to $ 18.29.

 

As CEO of GE in 2007, he earned a total compensation of $ 14,209,267, of which cash bonus accounted for $ 5,800,000 and stocks granted accounted for $ 4,713,000. In 2008, he earned stocks granted of $ 2,044,650 and other compensation of $ 372,819 besides his base salary. In 2009, Immelt’s base salary was $ 3.3 million besides a cash bonus of $ 0, stocks granted of $ 1,791,000, and options granted of $ 0. Compensation package amounted to around $ 5.6 million.

 

In 2010, his salary kept unchanged, but he received a $ 4 million bonus in February for his work.

 

Stock options, which were granted to him in March 2010, were valued at $ 7.4 million. The options “increase the equity-based portion” of his compensation. In 2007, he earned options granted of $ 0.

 

Most the compensation of $ 389,809 was given to Immelt for his use of GE’s aircraft and his own payments for each specific flight.

 

Immelt had headed up Medical Systems division of General Electric as its president and CEO before being selected by GE’s Board of Directors in 2000 to replace Jack Welch.

 

In 2008, Immelt was named one of 100 most influential people in the world by Time magazine.

 

Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.

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