Larry's stock price goal lowered and bonus raised. He is just as greedy as two jet. It always has been about the money for him and the cronies on the board of directors. They will just ask the employees to give up jobs so they can get what they want. Three years ago GE had 313K employees when Larry is done it will approx 140k at best. Time for employees to resist all this lean BS and only support initiatives that will save jobs. I give up on the elites that run this company and the clones in leadership training. Only doing what i think will keep my job and nothing more.
11 replies (most recent on top)
@5ebm+18G9MVTt, the pension is insured through PBGC
They should be putting the money towards the pension funding not excess CEO compensation.
May the tears you cried in 2020 water the seeds you plant in 2021. Best Wishes this year and Always.
"CardBoard Boxes". I'm not getting your posts, do you agree GE has the right to a) layoff when demand falls (BTW - power demand will never come back but aviation will). Secondly, lean by definition eliminates waste. To fight lean suggest workers have a right to be inefficient.
I'm not sure with the IUE-CWA, but most contracts that embrace lean say buy-outs and not replacing workers is fine, but no "lay-offs" can occur as a function of lean. If the economy and demand craters that's different, layoffs are allowed.
So between attrition (quits and retirements) and voluntary buy-outs, GE can chip away at 50-75 jobs a year at Schenectady.
hwm+18G9MVTt GE is not giving an average worker anything especially an average hourly worker. Ge wants to cut hourly workers after they implement a lean production facility. Which means everyone tells them what’s the fastest way to make parts and gives the decision makers ideas. Then soon the hourly workforce is out the door with a $15k-$20k buyout. D rates will remain and all the t rates will be gone. Just to run the bar shop you only need as of now about 60 or so people per shift and that is shooting high. Full builds will be very limited in the near future. Get ready for the corporate real fact of life fun that is about to come to us all.
I acknowledge the debate, layoffs while large bonuses are paid are ugly. But if sustained demand is off you certainly don’t object to layoffs do you?
Though investors may benefit from a share price increase, adding treasury stock will—at least in the short-term—actually weaken the company's balance sheet. The organization has to pay for its own stock with an asset (cash), thereby reducing its equity by an equivalent amount. This being said it is about how Larry has to achieve the stock price increase. Its how board is lowering his target in the midst of layoffs. We are expected jump on board. Its crazy how people that keep that love it or leave attitude. Your right @sra+18G9MVTt I should have a little more class I apoligize.
I love hate speech, calling me a "simpleton". Classy! What about the stock option model don't you understand? GE has treasury stock it cost them nothing to grant options. If the value the day they offer him 5,000,000 shares s $ 6 a share. it has no value when offered and cost GE $ 0. Under his leadership the shares go $ 11 a share, that's $ 5 beyond the "strike price" of $ 6. That's $ 25 million is retrieved the market, by selling the shares, not anything to do with GE cash. If they run out of treasury shares (not case BTW) then they would retrieve/pay for the shares optioned in open market at the original strike price. You comprende?
I invest in GE stock, all I care about is GE stock value, having stock bonus' tied to executive comp is the only way to do it. You don't have to agree, employees are free to stay or leave that's the bargain. If you don't like it leave.
@hwm+18G9MVTt its not about spreading the money to employees. Its about what they need to do to get the bonus. What is good for stock price is not always good for the company. Look at what two jet did. He just made his fortune a different way. Lean won't help the employees. Stock price won't help the employees. Plus all those bonuses for the elites could help fund more jobs or projects that could help the overall company. His salary is not k–ling the company you simpleton. Its what they think is important for the company to get back on there feet. Maybe all those that get cut can buy some stock. Whole country is suffering so execs not sending a good message.
It's hard to watch this happen, but the reality is all about market value. Larry could leave and make the same or more elsewhere. For union workers leaving, craft workers at Schenectady aside, how many employees could leave and replicate $ 35/hr with built-in OT, rending $ 85-95K a year? We all know the answer to that.
It's not our daddy's economy anymore. Globalization has impacted it. We American worker's get p-ss-d when exports come in. Most of the demand for generator driven power is in India, China and Eastern Europe. They want their generators made there, or least in their continent! What's good for the goose is good for gander, agree?
Union members usually vote in lock step with the Demos, who want to make the USA all green. This is not going to bode well for Schenectady. I repeat, it's not our daddy's economy anymore.
These kind of post drive be crazy. So Culp makes, $ 40 million a year, and there and say there are 200k employees. That's $ 200 per employee ($ 40 mil/200K). Wow, his salary is k–ling the company, BS! So, that logic would say that he GE spends gives all employees a $ 200 bonus your happy right?