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GE's Jeffrey Immelt Says "No Thanks" to $12 Million and Bonus

February 18, 2009 RSS Feed Print

General Electric CEO Jeffrey Immelt has turned down a nearly $12 million long-term performance award, along with his 2008 bonus, because the performance for which Immelt was being rewarded was not reflected in the company's stock price--now nearly a quarter its value in the fall of 2007.

It's a refreshing piece of news after Wall Street's bonus bonanza for a year in which the concept of pay for performance should have meant bonuses for few more than the office cleaning crews.

Immelt is not, however, in favor of salary caps for executives at companies taking large chunks of TARP funds. Businessweek reported on his comments at a breakfast held earlier this month:

The GE chief gave President Barack Obama a “B+/A-” for his performance so far on the job, but argued against new provisions to cap pay at $500,000 in firms accepting bailout funds. “What’s in the best interest of citizens right now is having Jamie Dimon running JPMorgan,” said Immelt, “and he’s worth more than $500,000.”

Immelt also told the group that he'd begun taking Amtrak--after first learning how to purchase a ticket.

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I believe What else needs to be said Immelt melted GE to the Ground. He alone is responsible for loss of retirees income and the destruction of a once great company.
$17:58 a share June 24th, 2011. I believe Immelt and his board of non directors are a disgrace. Although I made a mistake and voted for Obama I believe " The Anointed One" is responsible for the sad economic and decline the United States is in today. I will not make the same mistake again.

Harvey Glotz of PA 6:39PM June 26, 2011

Immelt gave up $12 million because he wants to continue to fool shareholders. Every shareholder should look at GE and ask why are they still holding onto Union Fidelity Life Insurance (UFLIC)and Heritage Life (HLIC)and Heritage Casualty Insurance (HCIC) when they spun the other insurance companies off as Genworth Financial bcause they were the thorn in Immelts side (that is how he put it in a Fortune article). I will tell you why-the company booked a lot of false entries on these companies that can be hidden in GE financials but can't be hidden in Genworth Financials. That tells you all you need to know about the way GE keeps its books. I know because I was an accountant at GE that was belittled and berated by bosses for not wanting to book more bad entries that hid problems. The company is as dirty as they get and they make employees go out on team building excercises that amount to nothing more than discussing your sex life with your boss so he can then hold it over you going forward. This is the GE culture that Jack Welch built. If you complain about discussing your sex life with the boss, people like Dawn Metz in the Human Resources Department will make sure you get fired without the blink of an eye. GE is Discrimination at Work. GE is Harasssment at Work. GE is Faslification of Records at Work. GE is disgusting leadership at work.
What should we do with a company that books false entries, we should jail the CEO and leadership starting with Jamie Miller who knew of the false entries because I told her when she was Controller at GE Financial Assurance.

Discrimination atWORK of CO 12:13AM February 01, 2011

I recently took an early retirement after a 28 year exempt career with GE Aircraft Engines. I still call it "Aircraft Engines" because it was their best times. I am angry and even bitter at just how badly GE has maintained their Evendale manufacturing facility.
They have put very little money into the infrastructure of the facility. Yes, they built a nice looking Learning Center in the Bldg. 500 parking lot ...... and tied it into the WWII rust belt factory sitting in the background.
Senior Management cut the facilities operations and maintenance budget every year since the mid- 1990's. They can't even keep paint on the fuel tanks, the outside air and steam lines, and other critical infrastructure equipment.
They do not get it. The problem began with the advent of the Six Sigma program which limited most career paths to that of a Black Belt Role. Six Sigma has it's place, but not everywhere. The black belt role is limited to 18 months. Persons in those roles are focused on one thing - to hit their short term project savings goal and then to move on.
This resulted in many nearsighted and short term decisions in the areas of Plant Utilities and Facilities Maintenance. Critical spare parts have been depleted. Much of the equipment, such as boilers, pumps, and water softening equipment are well beyond their intended life cycles.
They are running the physical plant into absolute ruin. It will not be recoverable unless they immediately take action.

Dave bullock of OH 9:42AM October 23, 2009

GE's Jeffrey Immelt Says "No Thanks" to $12 Million and Bonus

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