Word: immelt
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...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...
...most eagerly awaited executive decision since the scrapping of New Coke, super-CEO Jack Welch last week named an heir to the GE throne. He is Jeffrey Immelt, 44, an aggressive yet charming manager who currently runs GE's Medical Systems unit. GE was mum on Immelt's numbers, which will be laid out in the company proxy in a few months. No doubt the Welch protege won a valuable prize. As Welch pointed out during a press conference last week, "He got a helluva raise, I'll tell you that...
Yeah. But two other GE executives were possibly even bigger winners than Immelt: Robert Nardelli and W. James McNerney, two Welch-trained knights-in-the-running who failed to win the crown. With Welch's shoes filled--if that's possible--these executives won't stay at GE much longer, and the pay packages that land them will probably dwarf what will initially be given to Immelt. A signing bonus in the tens of millions of dollars? Instant vesting in stock plans? Huge guaranteed annual bonuses? A big chunk of the company? Such goodies are widely available to top-flight...
Indeed, Welch, who will be with GE another year, seems to have already said his goodbyes. "You can be sure that they're being pursued very aggressively on the outside and are evaluating their options," he said of Nardelli and McNerney while announcing that Immelt will be his successor. It was as though he wanted to start a bidding war. Was that the consolation prize...
...JEFF IMMELT Jack Welch successor wins keys to business world's Rolls. Can add huge book advance to new salary...