Dallas, Texas 03/06/2014 (FINANCIALSTRENDS) – General Electric Company (NYSE:GE) which is into technology and financial services has announced it will focus more on complex energy projects such as gas turbine efficiency and waterless fracking. This is part of the ecoimagination project, which the company started in 2005. It has spent around $15 billion and was set to expire in 2015. However, the company releasing its potential significance has now allocated additional fund of $10 billion for this project with extended timelines until 2020.
According to company’s report, the returns from ecoimagination have generated over $160 billion in revenue with evolution of new products and has resulted in significant savings for the company to the tune of $300 million on water and emissions costs. The company foresees a huge potential in the energy side and have set clear priorities for the coming decade.
General Electric Company (NYSE:GE) CEO Invests Complete Cash Bonus on GE
General Electric CEO, Jeff purchased around 105k GE share with his complete cash bonus for 2013 worth around $2.64 million. He later invested around $1 million to buy another 40k shares clearly indicating his confidence on the company. With this buy, his total shares sums up to 1.97 million and is worth $50 million in today’s market. In his letter addressing the shareholders, he mentioned he believes in GE like rest of the leaders.
The company acknowledging his efforts during 2008-2009 financial crises and leading the company through the competitive market has increased his base salary saw by 6% of $3.5 million from $3.3 million. This was his first raise in GE since 8 years. His bonus was increased by 11% and has received 400,000 performance share units. However, his compensation for the year fell by 7% to $19.2 million from $20.6 million in 2012.