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Larry Culp’s compensation could soar, if stock price reaches certain thresholds
General Electric Co. has agreed to pay its new chief executive, Larry Culp, as much as $21 million a year for four years—with the potential for hundreds of millions of dollars more depending on GE’s stock performance.
Mr. Culp, a board member who succeeded John Flannery in GE’s top job, signed an agreement with the company that pays him $2.5 million a year in salary and an annual bonus with a target of $3.75 million, the company said in a securities filing after the market closed Thursday.