Word: immelt
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Dates: during 2000-2009
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...Jacques Nasser to drive a Toyota for 20% of the day," says Yale economist Barry Nalebuff, who advised GE. Monti asked Welch to consider the terms and return that afternoon. Welch did, and rejected them. The next day, Welch called Card and flew back to the U.S. Jeff Immelt, his successor as CEO of GE, went to the Paris air show to pronounce the deal dead...
...been able to offer customers an irresistible package--especially since GE, through its aircraft-leasing division, is itself a customer for planes. The commission sympathized with GE's competitors and asked the company to make disposals of assets way beyond anything that Welch and his successor as CEO, Jeffrey Immelt, deemed reasonable. GE hasn't formally walked away, in part to assuage Honeywell stockholders who might otherwise sue, in part because the full commission has yet to endorse Monti's view, and in part because hope springs eternal. But few now bet the deal will go through...
...Indeed, many have turned to GE. W. James McNerny Jr., one of GE's top three contenders for CEO, was snatched up by 3M when GE handed the torch to Jeffrey R. Immelt, former president and CEO of GE Medical Systems...
...philosophy: If you're not No. 1 or 2 in your field, get out. Welch is still No. 1--after a tech slump slapped down Cisco, his General Electric is again the world's largest company--but he's getting out anyway. Kind of. He tapped a successor, Jeffrey Immelt, but postponed his planned April retirement to oversee GE's acquisition of Honeywell. His memoirs, planned for spring, earned a $7.1 million advance, which he plans to donate to charity. Welch, 65, turned staid GE into a dynamic, even hot business--in part by laying off 100,000 workers...
...JEFF IMMELT Jack Welch successor wins keys to business world's Rolls. Can add huge book advance to new salary...