CEO Left Out Of Bonus Bonaza For GE (GE) Execs
Jeff Immelt, GE’s Chairman and CEO did not take a bonus for 2009. That did not keep the rest of the conglomerate’s management from becoming richer. Immelt collected a base salary of $3.3 million which is the same as it was…
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Immelt collected a base salary of $3.3 million which is the same as it was for 2007 and 2008.
Keith Sherin, GE’s CFO, received an extraordinary $14 million in compensation last year. Vice Chairman John Krenicki made $13 million. Vice Chairman Michael Neal made $15.2 million and Vice Chairman John Rice made $15.4 million.
It should not matter to shareholders that Immelt took no bonus. It is a meaningless gesture when the balance of GE management got stratospheric pay packages. Investors were disappointed by GE’s 2009 earnings. Its stock is down 50% over the last two years while the DJIA is off less than 10%.
GE’s Vice Chairman made obscene sums given the company’s performance.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
