© Reuters. FILE PHOTO: General Electric Co. Chief Executive Officer Larry Culp mingles with shareholders at the company’s annual meeting in Tarrytown, New York, U.S., May 8, 2019. REUTERS/Alwyn Scott

By Jessica DiNapoli and Rajesh Kumar Singh

NEW YORK (Reuters) – A majority of shareholders at the General Electric (NYSE:) Co annual general meeting rejected the pay packages for named executive officers, including CEO Larry Culp, whose compensation for 2020 tallied $73.2 million.

According to preliminary results, 57.7% of shareholders rejected General Electric’s pay packages, a strong rebuke to executives of the industrial company, which is in the middle of a challenging turnaround.

“While we are disappointed with the preliminary results of the vote, we value and respect the views of the shareholders,” the company said after the vote. “The board will take those views into the consideration as we evaluate executive compensation.”

The shareholders’ vote is advisory, not binding.

Later in the meeting, Culp said the company has no plans to increase the dividend at this time in response to shareholder questions.

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