The GOOD NEWS is that Jeff Immelt was concerned about the stockholders and image of taking a bonus when GE was not during well and its stockholders had taken a hit on both stock value and the destruction of the dividends.
The BAD NEWS and VERY DISTURBING NEWS is that his MANAGEMENT TEAM including his CFO and Vice CHAIRMEN didn't have good sense to do the same. The CFO who is responsible for missing all the signs of collapse and bad management decisions received over $13 million and the other management team members received over $16 million each.
This is amazing to me for several reasons.
First of all how do the subordinates who were personally responsible for the POOR performance deserve and get a 30 to 60 percent bonus over the leader who admitted he made mistakes and didn't deserve his bonus.
Second, where is the BOARD OF DIRECTORS who authorize these unbelievable, unjustified salaries and bonuses.
GE IS OBVIOUSLY OUT OF SYNC WITH REALITY and they OWN THEIR OTHER STAKEHOLDERS A MAJOR APOLOGY and a REEXAMINATION POOR STRATEGIC LEADERSHIP.
Bill Rothschild, GE ALUMNUS, STOCKHOLDER AND SUPPORTER..AND AUTHOR of the ONLY COMPLETE AND OBJECTIVE ASSESSMENT OF GE SUCCESSES AND FAILURES..THE SECRET TO GE's SUCCESS..
PS This poor management practices are completely INCONSISTENT WITH THE REASONS THAT GE HAS BEEN SUCCESSFUL..and needs to be changed.
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