Executive pay : GE's Immelt's pay doubled in 2014

• Immelt's pay doubled to $37.2 million in 2014
• Shares fell 10% the same year

General Electric CEO Jeff Immelt received compensation valued at $18.8 million in 2014, down 2.2% from 2013, the industrial giant said Tuesday in its annual proxy.

Immelt's compensation included a $3.75 million salary, up from about $3.5 million in 2013, a $5.4 million bonus and $3.6 million stock award - less than half of the value of his $7.8 million stock award in 2013. Immelt also received $2.5 million in stock options and nearly $2.5 million in incentive pay, plus more than $800,000 worth of perks, including $395,000 for personal use of company aircraft.

General Electric's board of directors said Immelt "performed very well" in 2014, part of the reason it awarded him a bonus 8% greater than 2013's. He also received a 9% bump in salary, just the second salary increase since 2005, four years after he was named to succeed Jack Welch as CEO.

Including a substantial change in his pension value, GE valued Immelt's compensation at $37.2 million. GE said 52% of the increase was due to how his payout is valued, based on interest rates and changes in life expectancy tables by the Society of Actuaries.