GE's CEO Immelt sees pay fall 24 percent in 2011

(AP) General Electric Co. (GE) says chairman and CEO Jeffrey Immelt's compensation fell 24 percent in 2011 following a major spike last year.

GE, which makes products ranging from jet engines to light bulbs, as well as financing projects around the globe, gave Immelt a pay package valued at nearly $11.4 million, according to an analysis of regulatory documents filed Friday. That is down from roughly $15.1 million in 2010, when his pay nearly tripled.

General Electric gave the 56-year old CEO a $3.3 million salary and $4 million bonus in 2011, unchanged from the prior year.

Immelt was granted stock awards valued at nearly $3.6 million but was given none in 2010. He received no option awards in 2011 after being granted $7.4 million in 2010.

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