GE (NYSE:GE) announced that CEO Larry Culp has agreed to reduce his annual equity incentive grant for 2022.
Culp’s employment agreement had him receiving a $15 million equity incentive grant this year; he’ll instead receive $5 million, according to a company proxy statement filed yesterday.
The GE board compensation committee said: “Shareholders have been overwhelmingly supportive of Larry and the action in 2020 to extend the term of his employment. But there was shareholder concern around the timing, size and structure of the 2020 retention grant made as part of the extension.”
According to the proxy, Culp’s total compensation nearly tripled to $73.2 million in 2020 from a previous $24.6 million in 2019. It settled down to $22.7 million in 2021.
GE’s revenue meanwhile declined nearly 16% to $75.8 billion in 2020, with much of the sales decline coming from the conglomerate’s Aviation business. It fell a bit more to $74.2 billion in 2021.
GE Healthcare meanwhile saw revenue decline somewhat to $17.8 billion in 2021, down from $18.0 billion in 2020 and $19.9 billion in 2019. The company sold its BioPharma business to Danaher (NYSE:DHR) for roughly $20 billion in 2020.
Now led by former Integra LifeSciences CEO Peter Arduini, GE Healthcare is set to become a standalone company in 2023. According to MassDevice and Medical Design & Outsourcing‘s Big 100 report, it’s the seventh largest medical device business in the world.