GE Chief’s Pay Falls $14.5 Million After Stock Award Reduced

General Electric Co. Chief Executive Officer Larry Culp saw his total compensation decline more than 60% in 2022 after agreeing last year to a reduced annual stock award.

The CEO’s total compensation in 2022 was $8.2 million, down from $22.7 million in 2021, according to the company’s annual proxy filing. The 64% reduction was expected, and mostly due to a decline in Culp’s annual stock award. Last year, Culp and GE’s board agreed to reduce the CEO’s annual stock award for 2022 to $5 million from $15 million.

Larry Culp

Photographer: Christopher Goodney/Bloomberg

GE cut that incentive in response to shareholders, who in 2021 ...