General Electric CEO Larry Culp acknowledged Monday that his decision to slash the quarterly dividend to a penny sent regular investors scrambling.
"When we announced on our earnings conference call that we were taking our dividend down to 4 cents a year, we didn't do anything positive for our retail shareholder base and they have been exiting the stock, I think, as a result," Culp told CNBC's David Faber on "Squawk on the Street."
But even with the stock's slide over the past several weeks, Culp says GE "would make those same decisions today, because those were the right decision to make sure the company is facing forward." GE shares have fallen about 20 percent in November, on pace for its worst month of trading since February 2009.
About one-third of GE shares are held by retail investors, a higher than average mix for a public company.