GE's Immelt earns $37m for 2014 after revamp

General Electric Co Chief Executive Officer Jeffrey Immelt's compensation almost doubled in 2014 to $37.3 million as his pension soared and he signed the company's largest-ever acquisition.

Immelt's pay included a $5.4 million bonus, and his base salary rose 8.2 percent to $3.8 million, GE said on Tuesday in a filing with the US Securities and Exchange Commission. His pension drove an 88 percent surge in his total pay. Excluding the change in value, he earned $18.9 million, GE said.

The raise, Immelt's second since 2005, reflects GE's "unprecedented actions in 2014 to reshape its portfolio to focus on higher-value earnings from core infrastructure businesses", the company said. Fairfield, Connecticut-based GE had increased Immelt's base salary 6 percent for 2013.