The company said in a regulatory filing that its board withheld the 2017 bonuses and canceled some 2015 equity awards that executives would have partly received.
The change is a big one for a company that has always richly compensated its C-suite.
Given that GE was the worst performing stock on the Dow Jones previous year - plunging 45% and losing US$125bn from its market value - the move to slash bonus payouts is perhaps not surprising.
In a rare move, GE says that its top leaders will not get bonuses after the company's awful year. New CEO John Flannery slashed the dividend, replaced many top managers and announced deep cost cuts to help deal with cash-flow shortfalls and flagging demand for gas turbines, locomotives and other industrial equipment. That included a pension of roughly $84 million and about $10 million in deferred compensation. He was recently named chairman of Athenahealth Inc.
All but one of its top executives did not receive a bonus, the company said.
His pay was 157 times higher than that of GE's median employee, which the company identified as a GE Healthcare worker in Germany who made $57,211.
In a filing late Monday, GE said Flannery's salary was set at US$2mln which, when combined with stock options, pension and deferred compensation, took his total pay package to US$9mln for the year.
The company added that they would not change the remuneration for members of the Board, who earn 275,000 Dollars per year.
GE is also overhauling its board, shrinking to 12 directors from as many as 18, while adding several new members such as former Danaher Corp.
Jeff Immelt, who was CEO of GE for more than 15 years before he stepped down last August, received a $4.3 million bonus in 2016. Former vice chairs Beth Comstock and John Rice, who also left the company in recent months, received $9.03 million and $7.88 million, respectively.