Tuesday, March 15, 2011

GE (GE) CEO Compensation Soars to $15.2 million

Compensation for General Electric CEO Jeffrey Immelt soared in 2010, jumping to $15.2 million; way beyond double what he was paid out in 2009.

Immelt's $3.3 million salary was the same as 2009, according to a company filing on Monday with the SEC. But he received a $4 million bonus in February for his work in 2010, after getting no bonus for two years in a row. And the company awarded him stock options valued at $7.4 million.

His 2009 compensation package came to approximately $5.6 million.

The options for 2 million shares, granted in March 2010, were given "to increase the equity-based portion of Immelt's compensation and to underscore the board's confidence in his leadership," according to the company. Immelt gets half of the options after a period of three years and the other half after five years, assuming he stays with the company.

General Electric and Immelt have been put on the defensive over their work on the nuclear facilities the designed in Japan, after the massive earthquake put them in jeopardy.

General Electric closed Monday at $19.92, down $0.44, or 2.16 percent.

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