General Electric Co (GE) says its chairman and CEO Jeffrey Immelt received compensation for last year that was 80 percent more than his pay in 2011.
The company, which makes products ranging from light bulbs to jet engines, gave Immelt a pay package valued at nearly US$20.6 million, an Associated Press analysis of regulatory documents filed on Monday showed. That compares with US$11.4 million in 2011.
GE gave Immelt a US$3.3 million salary, unchanged from the prior year, and boosted his bonus to US$4.5 million from US$4 million.
The company did not grant any stock or option awards, but gave Immelt nearly US$12.1 million for his performance, a payment it grants once every three or more years based on meeting certain goals. The total compensation package also includes US$138,012 in above-market earnings from interest on his pension fund.
General Electric also gave Immelt use of the company aircraft, car allowance and other perks valued at US$574,507, up from US$447,191 in the prior year.
Immelt has helped reshape GE, focusing on its more traditional operations, such as making complex industrial equipment and providing services to companies. GE also makes refrigerators, CT scanners, wind turbines, gas turbines and engines for jets and trains. It has sold non-industrial assets like NBC Universal and in a new push, it also provides equipment and services to the oil and gas industry.
The company posted a net income of US$13.6 billion, or US$1.39 per share, on revenue of US$147.4 billion last year. That is and increase from the US$13.1 billion in net income, or US$1.24 per share, on revenue of US$147.3 billion that it posted in 2011. GE expects its revenue and profit growth to continue this year with a heavy backlog of new business.
The Associated Press formula calculates an executive’s total compensation over the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options. The formula does not count changes in the present value of pension benefits.
Connecticut-based GE’s stock price has increased about 23 percent in the past 52 weeks.