General Electric Co. said it would cut management bonuses if the company fails to meet certain financial targets, as CEO Jeffrey Immelt vowed to cut costs after stepped-up talks with activist investor Nelson Peltz.

Executive payouts will drop 20% if the company doesn’t meet its target for $17.2 billion in industrial operating profit this year and falls short of a new goal of lowering “base costs” by $1 billion, to $23.9 billion. GE also set a cost objective of $22.9 billion for next year.

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