Folks, I listened to the whole GE call today. You all are in trouble with stokes as your leader. Typical corporate audit staff , MBB , measure X's and predict Y's. Go work for jack ...stokes. Only thing he said that made sense was focusing on services. No, sh_t idiot! When new units sales are down you got no other options. Oh, Fieldcore will save the day. They are nothing more than a bunch of GE TA's that do not want to work for this company but you forced them to work there with sh_tty benefits. What do I see now ? GE wants to get out of BHGE deal but has to wait. The board is cut to 12 people; how about you make it 6 people ? Where the hell did all my money as a shareholder go from the sale of GE finance ? I am still trying to figure that one out....what benefit was their to buying back GE stock at $28-24 dollars a share? These guys are crooks at GE corporate.
7 replies (most recent on top)
@glb they’ll do similar to design engineering, materials engr., repair, etc. They are looking for ways to give everyone a haircut. Glad you got out when you did. Good on you!
Stokes is a fakir. In way over his head and doesn't know squat about the power biz. A GE Power employee for over 20 years, it was hard for me to bail a few years ago but I couldn't turn down the massive salary and bonus increase offered by a competitor. Turns out it was by far the best career decision I ever made ... in this current predicament I would be prime RIF meat if had I stayed. Field Core is an EPIC fail. GE Field Engineers were always what differentiated GE from everybody else and that is over now. Signing bonuses based on staying for however many months is all that's keeping their best talent. They pissed all over their career (and best) field engineers when they froze their pensions with the transfer to Field Core. At least they have one less competitor since they bought the dumpster fire that was Alstom.
Rofl
I listened to 95% of the investor's call and true to form, Mr. Stokes laid it on thick with the buzzwords. Is this the quintessential example of 'The Peter Principle" at work (From Investopedia. Peter Principle: An observation that in an organizational hierarchy, every employee will rise or get promoted to his or her level of incompetence), but perhaps his run has stretched beyond the normal limits. At any rate it does appear that there will be more RIF's in the weeks and months to come.
Field core is the final fall....
Stop being a red and make yourself green.
Stokes is a simpleton, no doubt. He will fail at Power just as he did at every other business he touched. The damage will just be bigger and more visible. He hates powerpoints but loves layer upon layer of “management”. What a clown.
By the way, shareholder, your money from the sale of GE Capital went to Immelt and the BOD.