Fairfield-based General Electric Co. said today that Chairman and Chief Executive Jeffrey Immelt declined his 2008 bonus as it struggles with a declining stock price amid a deteriorating economy.
GE, which makes everything from locomotives to household appliances, said in a filing with the Securities and Exchange Commission that Immelt will also forgo his $11.7 million long-term performance award. The actions amount to a 64 percent reduction in Immelt’s cash compensation compared with a year ago.
Immelt had a bonus of $5.8 million in 2007, while his salary was maintained at $3.3 million in 2008.
“We focus most on CEO compensation to assure it reflects operating and stock performance and demonstrates our awareness of investor sentiment,” GE said in the filing.
The company said it accepted Immelt’s offer to go without the payments due to its declining stock price. (AP)
