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

In his 10 years as CEO, Jeff Immelt has remade GE, selling off half the company he inherited, including NBC. He tells Lesley Stahl one of the factors that influenced his decision - the Internet.

(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.