We keep hearing about more cuts, more outsourcing, more closings, and more benefits disappearing, and at the same time, our CEO makes the top three on the list of overpaid bosses. If it wasn't sad and infuriating, it'd be funny. I'm betting you he doesn't even see the irony in this. People who run this company (and are running it into the ground) have no shame.
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Look, if that dirty hippie Aaron Rogers is worth $200 million over four years to not get the Packers to a Super Bowl, then Larry Culp is worth his money to add tens of billions of dollars to GE's market capitalization.
Larry Culp has proven to be worth every penny of his compensation, including the weirdness about lowering the bar for his stock payoff. Look at the results.
Lee Iacocca! He was one of the first (if not the very first) CEO to forgo salary for a larger chunk of equity in the company. In 1986, he earned $1 in salary but $20.5 million ($45 million today adjusted for inflation), thanks to his stock in the company.
LC Law: Lean out the workforce and fatten up my wallet.
LC is a human being just like everyone else. I know it makes things easier to be angry at if you see him as something different than yourselves, but that's not the case. He's not going to waste his time to do anything for GE at $500k a year or a couple million just because you think it's enough money to live on and save GE at the same time. That's not even close to the point. Nobody is going to do anything for one penny less than what they think they can get for anything that they do. That's why there are so many employees still clinging onto GE because they know that anywhere else will give them less. If more cuts, outsourcing, and closings are what need to be done to save what's savable of GE, then what do you want to happen? Not doing so means a quicker decline of GE. Doing so at least buys more time and hopefully brings a stop to the decline. I don't know what LC should honestly be ashamed of. He didn't create the mess in any way shape or form. He was brought in because the GE way wasn't working anymore and obviously hadn't been for a very long time. The guy has only been with us since October 2018. He has not even been with GE for a full 4 years. Everyone else had decades with GE before getting to the top. You want to point the finger and place shame on those who deserve it, start with everyone who has been here for more than 5 years. If it's too much for you to deal with, make an exit plan and go find the door before the door is shown to you.
LC is doing a great job and there will be no more layoffs and cuts
What am I missing, @khb+1fv5csRp, GE stock was 58 a share the day he Culp was hired and is at 96.37 as of last Friday.
@fdl+1fv5csRp. As a shareholder you should get your figures right, your “40%” is more like “5%”. Everything that Culp has done is for his benefit: The sale of bio sciences (to his old company) which is oddly convenient. Then renegotiating an already bloated contract to help ensure he reaches even more extravagant bonus monies. That being said, I can understand how delusional you are since you think the CA was a good thing. Good luck at your next job.