General Electric CEO Jeffrey Immelt’s $25.8 million pay package in 2012, revealed late Monday, is on the high end but is odd for its lack of stocks and options, CNN/Money reports.
This would be an unusual development if it were to become a trend.
Options took off for CEOs after the tax reform act of 1986 placed a levy on executive pay over $1 million in cash, in an effort to rein in what was quaintly thought then to be runaway pay. Options, of course, brought an unprecedented explosion of CEO pay, as the math of options gives even mediocre CEOs a windfall.
There’s nothing obvious in federal tax policy that would lead to a return to mostly cash executive compensation, but many companies have moved toward restricted stock, shares a CEO must earn with key benchmarks.
Last year may have seen more cash outlays as high-rollers sought money in advance of likely higher taxes in 2013 and beyond, but that’s probably not behind Immelt’s cash payday. He was due for a big cash bonus on a three-year cycle, CNN/Money reported.
On Tuesday, the University of Connecticut announced that Immelt will receive an honorary degree and will be a keynote speaker at this year’s commencement in May.
If you enjoyed this article, please consider sharing it!
16 Responses to GE’s Immelt Hauls In $25.8M, Mostly Cash; Is that a Trend?
- -- ADVERTISEMENT --
Latest Courant Biz Headlines- Utility Training Leads To Delivery Job In Health Field
- ESPN Laying Off Employees; Reports Say At Least 100 In Bristol
- Bringing The Priceline Model To Movie Tickets In The Hartford Area
- Norwalk Harbor Power Plant Shutting Down June 1
- Connecticut Pension Funds Backing Today's Vote To Split J.P. Morgan Chase Chairman, CEO Roles
- -- ADVERTISEMENT --
That’s a lot of dough man!
Dear Mr. CEO what’s in store for us stock-holders?
In the Immelt case, it is take the money and run. He needs this cash to buy fast shoes.
Jeff Immelt and HIS BOARD have a philosphy:”Through the good times and the bad times, let the good times roll”.
The GE stock is still down 40% from 2007 as the DOW components hit record highs.
Taxed at a marginal rate of 90 percent (the rate for the 1 percent during Eisenhower’s presidency), Immelt still would rake in $2.58 million annually. Given that the average wage in Connecticut today is about $60,000, Immelt still would be making 43 times the median Nutmegger. At $25.8 million, Immelt makes 430 times the average worker here in CT. Outrageous, and unsustainable for the long-term health of our democracy. Immelt is the 1%.
Right, but you are not upset when a supposed actor ot actress makes $25MM a picture, or when a bench player garners a multimillion dollar contract.
We all should be outraged that A-Rod will earn in one at bat more than most Americans take home annually. A-Rod and Tom Cruise and all of these wealthy beyond the dreams of avarice 1 percenters should be paying 90 percent effective tax rates.
If A-Rod (questionable) and Tom Cruise earn milions for their organizations and companies, then they are worth every penny.
You on the other hand sound like a typical moocher, to dumb to earn what you think is excessive for anyone else.
in which case if you could, would not be willing to donate 90% to the governmant.
Yea, no one should be able to afford a yacht or a Ferrari or a beautiful home or a plane. The rich should all be taxed at ninty percent so that the people building these things can lose their jobs and go on welfare and collect food stamps.
This is a great country filled with people having little minds, and you Ken are thir poster child.
Ken, he’s the 1 percent of the 1 percent of the 1 percent!
I would bet that Immelt pays more than 430 times the amount Dan and Ken pays in CT state income tax. Thank you Jeff.
And it is still insufficient to fund everything that we need to. The wealth gap in this country is worse than in some African nations. The wealth gap in the United States will doom our experiment in self-governance and republicanism if we do not tame it.
Pray he doesn’t go Gault and head to Florida leaving you nothing but your mother’s teat to suck on.
Maybe you could contribute to help fund the federal multi-million dollar study on why lesbians are fat and other urgent issues that you feel we need to do.
How’s your great society, bankrupting America experiment workin’ out there Ken? A few more years of liberal rule and we should be able to collapse the dollar and implode the economy. Thanks liberals.
PS- Immelt is a buddy of Dear Leader Obama. Be careful- he’s one of yours.
If this is a land of opportunity then there will always be a wealth gap and yes the person having the responsibility of running one of the largest & most sucessful corporation in the world is worth more tham 430 times the person filling out forms at the DMV (not to belittle DMV workers). He earned his way to the top by putting in and proving himself and being constantly transferred around the world for 40+ years. In other words – he earned it! Something alienable to your libtard ears.