A labor-affiliated investor group blasted General Electric Co. for approving a restructured compensation plan last year that lowered the bar for Chief Executive Officer Larry Culp to potentially collect more than $230 million.

The manufacturer has faced a performance and operational crisis due to “years of poor board oversight,” CtW Investment Group Executive Director Dieter Waizenegger said Tuesday in a letter to GE director Risa Lavizzo-Mourey. The group called on GE’s board to permanently separate the CEO and chairman roles and refrain from re-nominating the five members of the executive compensation committee for approving the pay plan. READ MORE