Word: immelt
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Dates: during 2000-2009
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...look at the bright side. "I was chairman for two days, and then I had jets with my engines hit a building I insured, which was covered by a network I owned, and we are still growing 2001 earnings by 11%," General Electric's new chairman, Jeffrey Immelt, told an analyst meeting in New York City on Friday, after he slightly pared the company's growth outlook. "I think we're in pretty good shape. We're looking at this unmistakable tragedy as a time of strength for the company." In the next few months, Americans will learn whether...
...plenty of work yet to do on the portfolio that Welch created. GE's long-cycle businesses, such as power and aircraft, where orders are locked in years in advance, are in good shape. Not so the short-cycle divisions, such as appliances and lighting. Many observers expect Immelt to get out of the cutthroat business of selling dishwashers and refrigerators, which Welch was unable to do. Still, "having a few consumer brands is worth something," says Noel Tichy, a University of Michigan management professor who ran GE's famed Crotonville executive-training center in the mid-1980s. Immelt wants...
...have to win out," William Fiala, an analyst at Edward Jones, wrote in a report on GE that came out last week. He means that to increase sales just 10%, GE will have to find $13 billion in new business this year and $14.3 billion next year. Not surprisingly, Immelt, who sees GE as a collection of smaller pieces with lots of room to grow, doesn't agree. "I don't feel burdened by size. A great idea at GE is worth a billion dollars, not a million...
...been feeding time for GE Capital, which is busy scooping up distressed assets, but it's a decidedly different experience for the $6.8 billion-in-sales NBC network. Like all other media, the network is suffering through a painful advertising slump. The current woes, however, haven't convinced Immelt, who's being counseled on the vagaries of the broadcasting business by NBC boss Robert Wright, that he has to marry NBC to a wider media portfolio, whether a Hollywood studio or a cable company. He says he has no plans to sell NBC, though he'd like to acquire more...
Perhaps, in retrospect, Immelt should have dressed a little snazzier for his coming-out party last November. Despite the fact that he and his boss both showed up wearing the same casual outfit--slacks, sports jacket and blue open-collared shirt--Immelt isn't a Welch clone. Where Welch is known for a blowtorch temper, Immelt is low-key and understated--more likely to tease employees than scold them to get his point across. "If you, say, missed your numbers, you wouldn't leave a meeting with him feeling beat up but more like you let your dad down," says...