Immelt out. Yeah!. Flannery gone. Ok. Culp brought in as savior. Great expectations and clearly fallen short. He could hardly implement Flannery's plan. Now he is rewarded with another couple of years to a CONTRACT. C'mon. The rest of GE employees are losing their jobs, homes, etc and the CEO is getting an extension to a guaranteed contract plus the Board has made it easier for him to reap stock option benefits as the stock flounders. Classic case of the 1%ers. Keep this in mind when you work, keep this in mind when you vote in November. The rich keep getting richer and often times for doing nothing.
8 replies (most recent on top)
He is not going fast enough!
GE still has so many opportunities for cost reduction it is in plain site and not executed on.
At this point he has added nothing to GE except being "liked" by the board and external analysts.
Great he can rest on his past accomplishments and really do nothing then divest and layoff, anyone of us could do the same.
He just needs to reverse split shares. Too many outstanding anyways for a company with the financials we are in....totally unsustainable to ever pay dividend again. GE has too many shareholders so its a elephant by committee which will be hugely restrictive on it's ability to evolve...
Culp needs to reboot the whole system that is GE. It'll be easier for him to implement that in the nonunion facilities. The union facilities will either get with the program and get in line with the rest or fight a long losing battle to the bitter end. Yeah he's making a c-ap load of money compared to us all but stop acting like he's the only person in all of GE who gets paid way more compared to what he puts in. We all know multiple people who spend all week doing next to nothing for $40+ an hour and then come in for OT, just to do even less. If GE goes under, Culp's name will be attached to it in the history books. The rest of you trying to milk the cow to death will go nameless and still blame the failures on everyone but you until your last breath.
Covid is not Culps fault. The mess Immelt left behind is not Culpps fault. He has a better GRIP of what is going on than Immelt or Flannery
Culp is here to trim the fat so to speak. He is basically here to restructure power and aviation to the essential workers. The the balance to the GE work force will be left next to nothing.
Just another hog at the GE trough, did anyone really expect anything else??
This stock will never see 16.60 again lol. Soon we will lose our penny payout
Under the new terms, Culp will earn his $230 million windfall if the shares reach $16.68 within a few years. If they only get to $13.34, roughly 10% above the mark when he became CEO, he will take home $124 million.