General Electric Co. will stop giving long-term cash awards to top employees and increasingly start paying its leaders in company stock as part of Chief Executive Officer John Flannery’s sweeping overhaul of the manufacturing giant.
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The so-called long-term performance award, which had been tied to three-year goals, will be eliminated, according to an investor presentation .
The company’s top employees will receive half of their compensation in equity, up from about 20 percent, Flannery said Monday during an investor meeting.
Flannery, 56, said last month that he and the board were working on “comprehensive changes to our compensation plans.” He promised to divest assets and slash expenses, including the company’s fleet of corporate jets.
Part of Flannery’s annual bonus is tied to cutting costs.
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