NEW YORK - General Electric Co shareholders offered their latest endorsement of new Chief Executive Larry Culp this week when they approved a 2018 pay package worth $15 million.
GE’s 10 largest outstanding U.S. bonds are up an average of 11.73% in the new year, besting the ICE BAML index of bonds rated BBB, which has a total return 6.5 3% in that time. That’s a stunning turn around for a basket of debt that had swooned so heavily last year that the bond market was rife with chatter that GE might lose its investment-grade credit rating.
“They have someone who recognizes that they need to delever and adjust cash flows and become a better operating company... Now there’s someone in charge who has a plan to actually accomplish those two very pressing needs.” Jackson also said he had bought the debt recently at least in part because of Culp’s potential to revive the company. “Yes I do have some exposure,” he said.
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