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Faced with 44% earnings drop, Immelt foregoes $12m

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Added by apesphere on 18 Feb 2009
From: www.portfolio.com

Image courtesy World Resources Institute Staff via Flickr

OK, so General Electric Co chief executive Jeff Immelt will still receive a salary of $3.2 million, but he is foregoing bonuses of over $12 million.

Funny how "the real economy" handles the question of rewards following failure, even when the rewards are contractually owed.

Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services