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Jeff Immelt, the Chairman and CEO of General Electric got a salary increase of 13% last year.

Immelt's salary and bonus came to $8.3 million in 2004, compared to $7.325 million the previous year.

GE believes that net profit will increase by a possible 17% this year. The company claims that it will grant 250,000 performance share units to Mr. Immelt.

A CNN Money article says:

"Immelt can convert half of those share units to common stock, if GE's cash flow from operations grow by an average of 10 percent or more in the next five years.

Conversion of the other 125,000 units depends on GE's shareholder return relative to the Standard & Poor's 500 index over the next five years."

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