8-KLeadership Changes

GENERAL ELECTRIC CO 8-K Report, Executive Changes (Nov 26, 2019)

Filed November 26, 2019For Securities:GE

Summary

General Electric (GE) announced the appointment of Carolina Dybeck Happe as its new Senior Vice President and Chief Financial Officer (CFO), effective early 2020. Ms. Dybeck Happe brings extensive international financial leadership experience, having most recently served as CFO for A.P. Moller – Maersk, a global container logistics company, and previously as CFO for Assa Abloy Group. Her appointment signals a significant leadership change within GE's executive team, with investors likely to look for her expertise to contribute to the company's ongoing transformation and financial strategy. The compensation package for Ms. Dybeck Happe includes a base salary of $1.5 million, a target annual bonus of 125% of her base salary, and significant equity awards totaling $13 million, comprising performance share units, restricted stock units, and stock options. Notably, a substantial new hire stock option award valued at $8 million will vest solely on the fourth anniversary of the grant date. Additionally, she will receive relocation and international assignment benefits, underscoring GE's commitment to securing top talent for this critical role.

Key Highlights

  • 1Carolina Dybeck Happe appointed as new Senior Vice President, Chief Financial Officer (CFO) of GE, effective early 2020.
  • 2Ms. Dybeck Happe has prior CFO experience at A.P. Moller – Maersk and Assa Abloy Group.
  • 3She currently serves on the supervisory board of E.ON and previously on the board of Schneider Electric.
  • 4Her compensation package includes a $1.5 million base salary and a target annual bonus of 125% of base salary.
  • 5Significant equity awards totaling $13 million are part of her compensation, including a $5 million 2020 award and an $8 million new hire stock option award vesting in four years.
  • 6Ms. Dybeck Happe will receive relocation and international assignment benefits due to her relocation from overseas.

Frequently Asked Questions

The new Senior Vice President and Chief Financial Officer (CFO) of General Electric is Carolina Dybeck Happe. She is expected to join GE in early 2020.

Ms. Dybeck Happe has extensive financial leadership experience. She was most recently the Executive Vice President and CFO for A.P. Moller – Maersk, a Danish container logistics company, and before that, served as Executive Vice President and CFO for Assa Abloy Group.

Ms. Dybeck Happe's compensation includes a base salary of $1.5 million, a target annual bonus of 125% of her base salary, a $5 million equity award for 2020 (mix of performance units, RSUs, and options), and a $8 million new hire stock option award that vests on the fourth anniversary of the grant date. She will also receive relocation and international assignment benefits.

The company is offering relocation and international assignment benefits because Ms. Dybeck Happe will be relocating to GE's Boston headquarters from overseas. These benefits are designed to facilitate her transition and support her international assignment through December 31, 2023 (with tax equalization extended to December 31, 2026).