so much for simplification. not sure I Melt could spell that word. and by the way, digital has been going on at Power / Energy and Aviation for over 15 years now. they just needed to spin it a different way to try to play with Google and the others.
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What the heck is wrong with you guys for over a century you loved the complexity of portfolio to survive in all kinds of market conditions. Remember, how Jack used to sell Real Estate Assets all over the world before every quarter close. I understand Immelt destroyed over $150B before he ran with $250M package, whats is wrong with you guys. You allowed this to happen trusting Immelt and his culture. JF you were part of it.
I think he was referring to complexity of GE financial reporting. Not product lines. No one wants to buy hammers and nails from GE.
Agree with sentiment of clueless management and culture of managing up with executive worship.
The C-level comes across as scared, clueless, misplaced and disoriented.
I truly wish them all the best but I have no confidence that they can do anything to meaningfully change GE's position and get the stock price to appreciate.
I've retired in 2015 and I was blessed to save enough not to depend on anyone. Sadly, I'd have to say that I've reached the point where I just do not have confidence into this executive team and I've liquidated all my GE positions in October (should have done it before, I am flawed though)...
Good luck all!
LOL @mgi - nailed it here:
then what you walk out with $200 million John
yeah, I have to agree for years no one could figure out how GE could meet it's numbers Qtr after Qtr. The answer was the black box called GE capital. The company had deal after deal lined up under Jack to buy and sell assets. They had 500 accountants, MBA's and M&A experts or consultants working to shed assets. Jeff sold his sole during the financial crisis and gave the analysists what they wanted a simpler company. Now, the new leadership is stuck with a more transparent company. They have very few knobs to turn. Sorry to say , but John is not the right guy either , it more of the same bullsh-t. I say the company brings in a outsider and cleans house. It is clear the new business leaders are no more than puppets of John. Stokes is a clear example of this...How naive do they think analysts are..reset for 2018 and give us 4-5 years to turn this around. WTF....then what you walk out with $200 million John ? No you should get nothing just like the people you are whacking right now ...
Kinda hints that he might not be up to the challenge, eh? It’s going to take someone younger and more comfortable with technology to right this ship...Flannery is only the hatchet man.
I'd say most of this started when you decided to focus on a smaller range of products. But hey. I'm sure you'll "fix" everything.
@jdc lol!
I agree. What kind of crap is he spewing. Flannerty looks like a fool to the media. He was in right place at right time in healthcare and all he did was get rid of people. Some times that is needed but is not to say anybody could have did the same thing.
OK Flannery, please give me a break. Complexity was just fine for decades, and now that you do not know how to manage in the era of digital, now it's complexity that's causing problems. Darn amazon has its fingers in everything from drones, to logistics, to food, voice, servers, services, cars, energy and you are telling me that things are complex.
Give your bonus back and go away.