Two years after taking the helm at a slumping General Electric, Larry Culp has secured a huge reward: a bonus of around $47 million and the potential for much more.
The mammoth payoff follows thousands of layoffs at the industrial conglomerate amid the coronavirus pandemic.
Culp took over as chief executive in October 2018 and was paid almost $25 million in 2019, but he could reap as much as $230 million if GE meets additional targets, according to securities filings reviewed by AFP.
The ex-CEO of Danaher, Culp has been credited with stabilizing GE’s finances through a series of austerity measures, including asset sales and layoffs.
The company justified the bonus citing the executive’s performance amid a difficult operating environment.
The board launched a charm offensive over the summer to retain Culp as it faced a bruising downturn in aviation that hit orders for its LEAP engine joint-venture with France’s Safran.
The company in August amended its long-term incentive plan, effectively lowering the bar Culp would have to clear to win the payoff and extended his contract until 2024 with an option for an additional year.
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