General Electric last week disclosed that it had cut stock awards planned for Chief Executive Officer Larry Culp, reducing the CEO’s 2022 pay by $14 million.

In its annual proxy statement, GE said the company failed to hit certain performance targets that were required for Culp to receive his full payout. His total compensation for 2022 was $8.2 million, down nearly 65% from the more than $22.7 million he earned in 2021.Culp may still receive an additional set of shares when his current employment agreement is up in 2024.

Agenda – GE CEO Sees Pay Drop by $14 Million After Board Cancels Stock Awards