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General Electric ends 126-year culture, axes top-executive bonuses in 2017

The changes led to steep declines in compensation and reflected the company's poor results in 2017

Reuters  |  New York 

General Electric last year eliminated bonuses for its senior managers for the first time in its 126-year history, saving millions of dollars after losing money in 2017, the industrial conglomerate said on Monday. All but one of its top executives did not receive a bonus, the company said. The changes led to steep declines in compensation and reflected the company's poor results in 2017, according to the company's annual proxy. Former CEO Jeff Immelt, who stepped down on August 1, received $8.1 million in 2017, down from $21.3 million the year before. Compensation includes ...

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First Published: Tue, March 13 2018. 09:58 IST
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