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GE CEO’s $232 Million Pay Deal Draws Shareholder Rebuke (1)

May 4, 2021, 4:03 PM

General Electric Co. shareholders rejected the company’s executive compensation plans in a nonbinding vote, snubbing a revised pay package that lowered the bar for Chief Executive Officer Larry Culp to eventually collect as much as $232 million.

Almost 58% of shares voting went against the pay deal at GE’s annual meeting Tuesday. Investors weighed in less than a month after shareholder advisory firm Glass Lewis chided GE’s board for maintaining Culp’s maximum potential payout “in exchange for reduced shareholder value creation.”

The vote amounted to a rebuke of GE’s decision in August to essentially halve the share-price targets needed for...

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