Alan G. Lafley

Three longtime General Electric Co. (GE) board members are stepping down, including Roger S. Penske, the 76-year-old auto racing legend and founder of Penske Corp.GE said in a Securities and Exchange Commission filing Monday that Mr. Penske, a GE board member since 1994, won't stand for re-election at the conglomerate's April 24 annual meeting, which is being held in New Orleans.Former U.S. Sen. Sam Nunn, a GE board member since 1997, is stepping down as well, GE said, as is Alan G. Lafley, a former Proctor & Gamble Co. (PG) chairman and chief executive who has served on GE's board since 2002."We are grateful for their many years of commitment to the company and to shareowners," a GE spokesman said of all three men.Meanwhile, GE said in its proxy statement that Chief Executive Jeff Immelt received compensation valued at $25.8 million in 2012, up from $21.58 million in 2011.His 2012 salary was unchanged at $3.3 million, and he received a bonus of $4.5 million, up from a $4 million bonus...

Read More ›