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Jeff Immelt on executive pay

Robert Peston of the BBC interviews GE’s executive chairman Jeff Immelt here.

Immelt comes across fairly well, although he stumbles a little on the contentious issue of executive pay.

But then, being asked to comment generally on the topic is difficult, given he must have known how quotes from the interview might be taken out of context and used elsewhere.

On his own compensation though, he’s pretty clear.

$5-6 million a year in cash, the rest in incentives.

Making a total of around $15 million a year.

Who can argue with that, given the size of the company and the number of jobs Immelt is responsible for?

Compared to the bankers, that’s admirably restrained.

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