GE Aerospace Kingpin Larry Culp Rakes in a Whopping $89 Million! Is This the Pay of a Corporate Titan or a Casino Gamble?
In a jaw-dropping twist in the world of corporate finance, GE Aerospace’s head honcho, Larry Culp, snagged a staggering $89 MILLION in compensation last year, solidifying his status as one of the highest-paid executives in America! That’s right—this isn’t your average paycheck; this is a blockbuster salary in a year where many were still counting pennies!
Stock Prices Skyrocket! Is Culp the Genius Behind GE’s Phenomenal Turnaround?
Hot off the heels of GE’s game-changing split from its corporate enterprises last April, the company’s stock price has EXPLODED by 45%! GE Aerospace’s shares skyrocketed to $197, with a thrilling peak above $210 in February—levels not seen since the glory days of 2001! Just try to keep your eyes off this financial frenzy!
Culp’s Future is Bright—If He HITS His Targets!
But hold on! Culp’s $89 million payday includes a tantalizing $50 MILLION stock bonus for 2024, set to be dished out if he hits ambitious financial goals by 2027. Talk about a cliffhanger! GE reported that Culp’s total "compensation actually paid" soared to an eye-popping $285 million! This includes stock awarded but not yet in his hot little hands!
From Controversy to Cash: Culp’s Rocky Road to Riches
It’s not all smooth sailing! Culp fought through the stormy seas of controversy in 2021 when shareholders turned down a jaw-dropping $230 million pay package. That deal went up in flames thanks to some spicy changes made during the COVID-19 pandemic that made targets easier to hit. Ouch! The board even shook hands with Culp to slash his stock grant from $15 million to just $5 million in 2022.
Shareholders Have Their Eyes on the Prize!
In its latest filing, GE openly acknowledged some shareholder “opposition” to Culp’s one-time stock gift back in 2020. They now claim this latest chunk of stock was a necessary sweetener to keep Culp from jumping ship! "He could have stepped down for any other opportunity of his choosing,” GE said, teasing the idea that other companies were clambering for Culp’s brilliance.
Laughing All the Way to the Bank: Culp Joins the Ranks of Elite Execs
By raking in this unbelievable pay, Culp joins a very elite club of high-flying execs. Just look at him! Starbucks’ Brian Niccol took home a jaw-dropping $95.8 million, while Goldman Sachs’ David Solomon settled for a meager $39 million.
Thrilling Times Ahead for GE! Can Culp Do It Again?
In the eyes of GE’s board, it’s simple: Culp is a treasure trove of value! "Following an outstanding first year as a standalone company, we believe our shareholders appreciate the tremendous value Larry brings," the board gushed. And according to experts, shareholders aren’t likely to be disgruntled—not with a whopping 40 to 50 percent return buzzing in their portfolios!
Buckle up, folks! The Culp rollercoaster is just getting started, and it’s one wild ride through corporate America!
photo credit: www.ft.com
