GE CEO Scraps His $12M Bonus

Immelt cites 56% stock decline in '08, but says the company isn't actually doing too bad
By Katherine Thompson,  Newser Staff
Posted Feb 18, 2009 10:14 AM CST
Jeffrey Immelt, CEO of General Electric, turned down a $12 million bonus, but remained positive about the state of his company.   (AP Photo/Mark Lennihan)
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(Newser) – Jeffrey Immelt has recommended to GE's board of directors that he not get a planned $12 million bonus for 2008, the Wall Street Journal reports. The CEO noted that earnings were "below where we expected," but stressed that even those numbers represent success in the midst of a faltering economy, well outperforming the S&P 500.