Word: immelt
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...Immelt believes that "services are still in their infancy" at many of the company's other divisions. Rather than just sell aircraft engines, for instance, GE can help airlines maintain them, even remotely monitoring performance from the ground while the jets are in the air. Power systems, currently enjoying a $40 billion order backlog, can work with utilities to maximize efficiency and eventually offer forecasting technology to better predict electricity demand. Medical, which Immelt transformed from a $4 billion imaging-equipment vendor into a $7 billion, full-fledged systems provider, not only sells MRI machines to hospitals but also monitors...
...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...
...votes are in, but insiders are blown away by how many employees Immelt seems to know, though he's worked in only three of the company's 10 main businesses and never overseas. "I've seen him under fire and under grace, and his instincts are all right on the button," Welch said from his vacation home on Nantucket, where he's getting in some golf before his much anticipated book, Jack: Straight from the Gut, hits stores next week. "My report card comes out in another five years, when Jeff has taken this company to a whole new level...
...primary strategic mission for Immelt is to hasten GE's transformation from a low-margin manufacturer to a more lucrative services company that sells solutions as much as stuff. In GE's world there are fewer but bigger customers, so there's a vital need to maximize the relationship--to milk them for all they're worth. GE now gets 70% of revenues from services, compared with about 15% when Welch took over. The bulk of it, however, comes from its giant GE Capital subsidiary, with $370 billion in assets...
...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...