How convenient that Immelt has left the BOD 3 months early...good riddens! Now the BOD should go after him in clawing back compensation for the unrepairable mess he has let this company in.
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"Jeff feels John is prepared to be chairman and CEO now and leaving GE allows him to look at opportunities outside the company," a GE spokeswoman told CNBC.
Is he retiring or is he being laid off?
The official press release indicated that flannery was ready take full reins as CEO, so Immelt stepped down. We all know this bull__it. I suspect Flannery will announce big changes coming in Nov. Jeff, will go down in history as one of worse CEO's to run any company. Long overdue that he step down. Time for the rest if the board to hit the road as well. GE stock has been a joke for over 18 years. GE should have never done the last 3-1 stock split. Jack had to have his little pop as CEO in splitting three for one. Anyway, let's see what Flannery will do , the first six months will indicate if he serious about cutting cost throwing the legacy bums that have ran this company under Jeff.
Claw it back please
Jeffrey R. Immelt retired as a director and Chairman of General Electric Company’s Board of Directors (the “GE Board”) in light of Mr. Immelt’s determination that the CEO transition has proceeded smoothly and that John L. Flannery, Chief Executive Officer, director and Chair-Elect, was ready to succeed Mr. Immelt as Chairman of the Board.
Now get rid of the other wasters
I remember immelts first act against employees stopping the bonus scheme share of success which jack had introduced.
I was thinking of something more serious like integrity issues
That looks suspicious. Why would he leave his position early and stop getting money? Maybe he and Flannery quarreled about something. Maybe the dividend is in danger (stock is going to sink) or maybe the layoff will be bigger that previous thought.
Is it true news?
3 months of his salary is saved? Any idea how much? He also resigned from BHGE.