General Electric Co. (NYSE: GE) shareholders approved a $15 million pay package for the company’s CEO Larry Culp as he works to turnaround the conglomerate’s fortunes. However, this is just one of the many endorsements that the new CEO has received given that the company’s bonds have risen 11.73% since January due to higher demand.
The company just released its Q1 results and appears to be on the right track as the CEO focusses on reducing GE’s debt burden, which sits at $110 billion. The company’s BBB rated bonds have recovered ever since Larry Culp was appointed CEO announcing that his biggest priority was to deleverage the company’s finances.
Since then he has sold several of GE’s assets in efforts to create a leaner more effective organization with a focus on sectors where it has a competitive advantage. Its seems that both the company’s shareholders and creditors are optimistic that Larry Culp will revive the fallen giant and create value for all stakeholders.