Wednesday, March 5, 2014
FAIRFIELD, Conn. (AP) — General Electric CEO Jeffrey Immelt's compensation fell 7 percent last year to $19.2 million primarily because of a big drop in his long-term pay.
Immelt received a lump sum of $12.1 million in 2012 as an award for three years of work. In a Wednesday regulatory filing, General Electric Co. said that Immelt got a $2.4 million installment for the results produced during the first year of a new three-year rating period.
GE's board praised Immelt for his leadership last year, which saw the company's stock climb by 34 percent. That was slightly better than the 30 percent gain in the Standard & Poor's 500 index.
Immelt's pay package last year also included a $5 million bonus based solely on the 2013 results. That was an 11 percent increase from his $4.5 million bonus in 2012.
GE, which is based in Fairfield, Conn., also boosted Immelt's salary to $3.5 million last March, marking his first raise in eight years.
Immelt also received a stock award valued at $7.8 million and other compensation totaling $424,000, including $343,121 for personal travel on GE's jets.
The Associated Press calculates an executive's compensation during by adding salary, bonuses, perks, the estimated value of stock and stock options awarded during the year, as well as above-market interest that the company pays on deferred compensation. The AP excludes changes in the present value of executive's pension benefits, a figure that the Securities and Exchange Commission requires publicly held companies to include in their compensation tables. That's why AP's calculation sometimes differs from the totals that GE and other companies report to the SEC.