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General Electric Co. said Chief Executive Larry Culp agreed to reduce his potential compensation by about $10 million this year, responding to shareholder concerns over changes that GE’s board made to executives’ pay packages in 2020.

In August 2020, the GE GE, +0.88% board revised Culp’s contract, extending it until 2024 and awarding him a special stock grant during the year that was valued at more than $100 million by the end of 2020. Asset managers called the awards poorly linked to the company’s performance, which they characterized as trailing that of GE’s peers.

Source: This post first appeared on http://marketwatch.com/

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