GE: new CEO gets 2.5 million dollar base salary
(CercleFinance.com) - GE's new chief executive officer Lawrence Culp will receive a basic salary of 2.
5 million dollars per year, according to a four-year term setting the details of which GE revealed on Thursday.
Culp, who has been the CEO of the industrial and healthcare conglomerate Danaher for 12 years and has been a director on the GE board since April 2018, is also eligible for an annual bonus of 150% his basic salary, the company said.
GE's new CEO will also be eligible for stock awards in the form of "performance share units" worth 15 million dollars, beginning in 2019, as well as one-time award of GE shares ranging from 2.5 million to 7.5 million shares.
He will also receive cash severance amounting to twice his basic salary and annual bonus in the event that his contract is terminated, GE said.
The pay details came after GE ousted its Chairman and CEO John Flannery last Monday, replacing him by Lawrence Culp with immediate effect.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5 million dollars per year, according to a four-year term setting the details of which GE revealed on Thursday.
Culp, who has been the CEO of the industrial and healthcare conglomerate Danaher for 12 years and has been a director on the GE board since April 2018, is also eligible for an annual bonus of 150% his basic salary, the company said.
GE's new CEO will also be eligible for stock awards in the form of "performance share units" worth 15 million dollars, beginning in 2019, as well as one-time award of GE shares ranging from 2.5 million to 7.5 million shares.
He will also receive cash severance amounting to twice his basic salary and annual bonus in the event that his contract is terminated, GE said.
The pay details came after GE ousted its Chairman and CEO John Flannery last Monday, replacing him by Lawrence Culp with immediate effect.
Copyright (c) 2018 CercleFinance.com. All rights reserved.