Just saw on CNN that Immelt is "stepping down." I'm sure his golden parachute will make it far, FAR less challenging for him than it was for the thousands of us.
12 replies (most recent on top)
Nice that Immelt retired "if you believe that" he was finally forced out after he left over 300 thousand employees with a pension underfunded by $31B yes billion dollars, a drop in the stop of 42% during his tenure.... " worst in Dow history", and an Alstom acquisition that is an absolute disaster. And what does he get a windfall of over $112M of which $87M is pension. Now ask yourself what would GE give you with that performance. Additionally the crooked BOD still hasn't learned they bring in another insider who will be both CEO and Chairman of the Board. What other company does that...why do you think Immelt lasted as long as he did... What a joke all his cronies patting him and themselves on the back during the announcement. A complete train wreck during his tenure that will ultimately cost thousands of additional jobs lost (mostly US) can't touch Europe to try and undo the damage he has done to what was once a great company. Thanks Jeff hope your proud of the families you've impacted while you smile at yourself in the mirror and tell yourself what a great legacy you've left. Oh excuse me forgot that you required everyone to address you as Mr. Chairman.
Good call, @NK435y7-wdr, nice call.
I wonder if they are going to take out that mafiaso Mastrangelo. I heard this guy on the phone a couple of times and he sounded like NY mobster
Now Bolze stepping down.
Watch this YouTube video of what GE did to these people:
https://m.youtube.com/watch?v=6SRyhoDXOco
Not about EX-IM Bank, it is about getting away from unions to lower wage areas.
Agreed - good post @1jbj
Welch had pushed the stock about as far as one could by using GE's capital as collateral to borrow money at rates much lower than banks. So GE was able to out bank the banks for many years. The problems with this all came back under Immelt.
Welch sort of sh-- all over the culture of technology and engineering and Immelt was never able to recover that as the capital business fell apart. The company really hasn't been able to make good choices. Anything they buy does worse. They need to stick to markets with a high cost of entry and long lead development times. This is very contrary to the "Silicon Valley" tech world of today, but it is where GE has remained successful (See GE Medical and GE Aviation).
People vying for Walsh's position left after Immelt was chosen, so chances are high Bolze and some other "leaders" will bolt soon -- better to cash out before Q2 number is published
They can start with that empty suit Bolze and work they way down. Probably will not happen since all the managers protect themselves first. Gone get busy in the C-suite after all the employees are gone and the managers have to actual work rather then draft power point slides all day.
Amen
The new guy they just announced DECIMATED the Healthcare operations in Waukesha, Wisc. Power, Aviation, IT, O&G and others are about to learn what REAL layoffs look like!
There's a lot more managerial fat to trim where that came from.