GE continues CEO Culp’s employment deal
An American multinational conglomerate General Electric Co announced it decided to continue the employment agreement of its Chief Executive Officer Lawrence Culp through August 2024.
According to the official announcement, “in connection with this incentive grant, Mr. Culp will voluntarily relinquish any rights to his inducement PSUs, which were granted when he became Chief Executive Officer in 2018.” The company has, therefore, confirmed that the one-time equity performance award will be “in the form of performance shares which at target equal 9,295,352 shares, with 50% to 150% of the target performance shares to vest based on GE stock price appreciation and subject to satisfaction of service conditions.”
Culp replaced the ex CEO John Flannery back in 2018.
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