NEW YORK (AP) -- General Electric said Friday it will pay bonuses to about 1,000 executives, including CEO Jeffrey Immelt, if the conglomerate hits business goals through 2012.
The grants will be based on the company's earnings per share, cash flow, ending investment of GE Capital, and 2012 return on total capital.
Depending on how well the company does, executives could get 75 percent to double their February 2013 base salary and separate bonuses for 2012 performance.
Immelt refused a bonus in 2008 and millions of dollars in performance awards, saying that the company's falling profits and plummeting share price prompted him to forgo the payments.
In a separate filing, GE detailed recent results for five business segments created in a Jan. 1 reorganization.
The company created a new home and business unit that includes appliances and lighting and shuffled some functions among the other units — technology, energy, finance, and NBC Universal.
In 2009, GE Capital Finance was the largest segment by revenue, but it was hurt by problems in its holdings and commercial real estate lending. The energy and technology businesses were the most profitable, followed by NBC Universal, GE Capital and the home and business unit, which was easily the smallest segment by sales.
The company, based in Fairfield, Conn., is coming off one of the worst years in its 117-year history. Last month, General Electric Co. reported that 2009 profit fell 37 percent, although it still earned $11.2 billion.
Those results showed how hard the recession hit the industrial giant, whose products range from kitchen appliances to jet engines. GE's credit rating was cut, it slashed the dividend by 68 percent and saw its stock price sink to the lowest levels since the mid-1990s.
GE's performance is closely watched because it is involved in so many sectors of the economy and can provide hints about the country's economic health.
Company shares fell 8 cents to $16.16 Friday afternoon.
