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Contract Tweak Saves CEO Culp’s $124 Million Haul at GE (1)

May 28, 2021, 10:39 PM

Larry Culp needed a mega-million do-over.

The pandemic was tanking General Electric Co. stock and pushing Culp’s big prize -- a $232 million equity windfall -- out of reach for the top executive.

Before long, he got his do-over: GE’s directors shifted the goal line for the haul by cutting his targets in half. In a stroke, the lucrative deal he’d secured in hardball negotiations two years earlier had become even more lucrative, enough to make him one of the highest-paid U.S. executives for 2020, according to the Bloomberg Pay Index.

Larry Culp
Photographer: John Tlumacki/The Boston Globe/Getty Images

Most shareholders weren’t happy, especially as GE’s ...

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