15 Mar 2012 01:43:12
The world's largest maker of jet engines and electric turbines paid its 56-year-old CEO total compensation worth $21.6 million last year, up less than 1 percent from 2010, the company said in a filing with the U.S. Securities and Exchange Commission. The increase was due to a $3.9 million rise in the book value of his pension; factoring that out his pay declined.
Immelt last year shifted GE's capital allocation focus to buying back shares -- including the $3 billion preferred stake the Fairfield, Connecticut-based company had sold Warren Buffett's Berkshire Hathaway Inc during the financial crisis -- and raising the dividend in a more direct effort to address the company's lagging share price.
