GE CEO Larry Culp agrees to $10 million cut in compensation

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General Electric Co. Chief Executive Larry Culp has agreed to a cut in his compensation in response to shareholder feedback, according to a regulatory filing on Thursday.

“In response to prior shareholder feedback, the committee and Mr. Culp agreed to reduce his annual equity incentive grant for 2022 from a grant date fair value of $15 million to $5 million,” the filing said.

Culp’s salary of $2.5 million has not changed. His bonus target was still set at 150% of his salary.

Last year, Culp agreed to a cut in compensation, amid investor concerns over executive pay, according to the Wall Street Journal.

Shares of GE

slipped 1% after hours, after finishing the day up 2.5%. The stock is up 23.4% over the past 12 months. By comparison, the S&P 500 Index

has risen 10.2% over that time.

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