Jeffrey Immelt, chairman and chief executive officer of General Electric Co.(GE), has earned $33 million in total during 2015. The compensation appears as recognitions to his accelerated dramatic transformation of the industrial giant and boosting value of its shares. The compensation figures with certain break up has been revealed on Monday by GE through a regulatory filing with the U.S. Securities and Exchange Commission.
Immelt has been paid a salary of $3.8 billion and a bonus of $5.4 million during 2015. The base compensation has been increased by $250,000 from that of 2014 while the bonus remains unchanged. He has also received non-stock incentive compensation of $7.6 million which is significantly higher compared to the previous year.
GE has also provided stock and option awards valued at $9.2 million during the year offering value during the coming years. He has also received $6.3 million calculated as a change in pension value and certain deferred compensation, reports Hartford Courannt.
However, value of Immelt's total compensation has fall around 11.5% compared to that of previous year. Meanwhile, three board members of GE will leave this year for refreshment. Douglas Warner III and James Cash, the two longest serving directors won't seek re-election to the board after serving 24 and 19 years respectively. Mr. Warner is a former chairman of JP Morgan Chase while Mr. Cash still serves Harvard Business School as an emeritus professor. Robert Swieringa, dean emeritus of the Johnson Graduate School of Management at Cornell University is also retiring from the board after serving 14 years, according to a report published in The Wall Street Journal. Immelt has passed 2015 performing extremely well while representing the year as one of the best performance years in the history of GE. The industrial giant has witnessed boosting its market value by $40 billion during the year while increasing industrial profit margins, earnings and revenue, reports Bloomberg. The GE CEO has reportedly reshaped the company in 2015 around industrial manufacturing and data analytics while working to shed the bulk of the GE Capital finance arm. During his tenure, the company has reached deals unloading more than $150 billion of lending assets while closing $10.3 billion acquisition of Alstom SA's energy business.
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