In an interview Friday on the CNBC business channel, which is owned by GE, Jeff Immelt would not comment on the $210 million bonanza that his former colleague at GE Bob Nardelli had received when he was recently fired as CEO of Home Depot, said that he does not believe that CEOs should have a contract. They should be prepared to accept the same risk as those working under them.
"Transparency is key," Immelt said. "In my belief, and again it's just my belief, people shouldn't have contracts....I think you ought to be in the same position that every other person in the company is. You've got to bring it every day, and if you don't bring it, you shouldn't have a contract that defines what you get when you fail. That's my own philosophy. You have to have a lot at risk."
Immelt said he wouldn't want compensation to be regulated. However, he said, it could happen if businesses don't reform the situation on their own.
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