Tuesday, June 13, 2017

Jeff Immelt stepping down as CEO of GE



Jeff Immelt stepping down as CEO of GE
by Chris Isidore   @CNNMoney June 12, 2017: 10:07 AM ET
Jeff Immelt, who has led General Electric (GE) since 2001, is stepping down.

The company on Monday named John Flannery, the president and CEO of GE Healthcare, as the new CEO, effective August 1.

Immelt will remain as chairman through the end of this year.

Immelt, 61, succeeded legendary CEO Jack Welch, who led the company for 20 years and vastly increased its size and scope. Immelt took over on Sept. 7, 2001, four days before the terrorist attacks. He also led the company through the 2008 crisis in financial markets.

Unlike Welch, Immelt oversaw the shedding of many divisions that were part of the company when he joined, including the NBC television network and much of the assets of GE Capital, a financial services business that was once the largest part of the company.

GE (GE) stock has struggled in recent years, falling more than 10% this year even as the broader stock market reached record levels. The stock has been the worst performing component of the Dow Jones industrial average since Immelt became CEO. Shares climbed 5% in early trading Monday after the announcement about Immelt.

The shrinking of the company's portfolio of businesses is probably not over. Immelt and GE have been under pressure from an activist investment fund to cut costs and increase profits to boost the stock price.

Just last week, GE announced to employees that it was putting its iconic light bulb business up for sale. The company was co-founded by Thomas Edison, the inventor of the light bulb.

Immelt has clashed with the Trump administration, criticizing its travel ban, its advocacy for more protectionist trade policies, the rollback of environmental regulations and the country's exit from the Paris deal on climate change, among other issues.

GE said Immelt's departure follows succession planning that began in 2011.

"Jeff has positioned the company incredibly well for the future," said Jack Brennan, lead independent director for GE's board. "He executed a massive portfolio transformation and navigated the company through economic cycles and business disruptions. Today, GE is a high-tech industrial company with a bright future."

Flannery, 55, joined the company in 1987, evaluating risk for leveraged buyouts. Early in his GE career he worked on corporate restructurings. He has spent almost half his career living outside of the United States, running GE units in South America and Asia.

He also worked on the shrinking GE Capital, the initial public offering of GE's Synchrony Financial unit and the sale of GE Appliances for $3.3 billion in 2014.

-- CNNMoney's Matt Egan contributed to this story.

General Electric (GE)
Hillary Rodham Clinton was paid speaker fees from the General Electric Company, and was a director at the Bill, Hillary & Chelsea Clinton Foundation.

Note: General Electric Company was a funder for the Bill, Hillary & Chelsea Clinton Foundation.
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George Soros is the founder & chairman for the Open Society Foundations, and was the chairman for the Foundation to Promote Open Society.
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Jeffrey R. Immelt is a director at the Robin Hood Foundation, the chairman & CEO for the General Electric Company (GE), and was a director at Catalyst.
James Dimon is a director at Catalyst, and was the chairman & CEO for
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Muhtar Kent is a director at Catalyst, and the chairman & CEO for the Coca-Cola Company.
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Marillyn A. Hewson is a director at Catalyst, and a director at the E.I. du Pont de Nemours and Company.
Charles O. Holliday Jr. was the chairman emeritus for Catalyst, and the chairman & CEO for the E.I. du Pont de Nemours and Company.
Ellen J. Kullman is a director at Catalyst, was the chair & CEO for the E.I. du Pont de Nemours and Company, and a director at General Motors (Bailout Company).
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John F. Smith Jr. was the chairman emeritus for Catalyst, and the chairman & CEO for the General Motors (Bailout Company).
Karen L. Katen was a director at Catalyst, and a director at General Motors (Bailout Company).
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Warren E. Buffett was a director at the Washington Post Co., a director at the Coca-Cola Company, and is Howard G. Buffett & Susan A. Buffett’s father.
Muhtar Kent is the chairman & CEO for the Coca-Cola Company, and a director at Catalyst.
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Ann M. Fudge was a director at Catalyst, and a director at the General Electric Company (GE).
Alan G. Lafley is a director at Catalyst, and was a director at the General Electric Company (GE).
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Judith Rodin was a director at Catalyst, and is a director at the Citigroup Inc. (Bailout Company).
James S. Turley was a chairman for Catalyst, and is a director at the Citigroup Inc. (Bailout Company).
Ann Dibble Jordan was a director at Catalyst, a director at the Citigroup Inc. (Bailout Company), a director at Johnson & Johnson, and an overseer at the Memorial Sloan-Kettering Cancer Center.
Anne M. Mulcahy was a director at Catalyst, a director at the Citigroup Inc. (Bailout Company), and is a director at Johnson & Johnson.
Sherilyn S. McCoy is a director at Catalyst, and was the vice chair for Johnson & Johnson.
Ian M. Cook is a director at Catalyst, and an overseer at the Memorial Sloan-Kettering Cancer Center.
Thomas J. Wilson is a chairman for Catalyst, and was a director at the Federal Reserve Bank of Chicago.
Kendall J. Powell is a director at Catalyst, and a director at the Federal Reserve Bank of Minneapolis.
Jeffrey B. Kindler was a director at Catalyst, and a director at the Federal Reserve Bank of New York.
Indra K. Nooyi is a director at Catalyst, and was a director at the Federal Reserve Bank of New York.
James Dimon is a director at Catalyst, the chairman & CEO for the JPMorgan Chase & Co. (Bailout Company), and was a director at the Federal Reserve Bank of New York.
David M. Cote was a director at the JPMorgan Chase & Co. (Bailout Company), the SVP for the General Electric Company (GE), is an executive committee member for the Business Roundtable, and a director at the Federal Reserve Bank of New York.
Jeffrey R. Immelt is the chairman & CEO for the General Electric Company (GE), an executive committee member for the Business Roundtable, a director at the Robin Hood Foundation, was a director at the Federal Reserve Bank of New York, and a director at Catalyst.
Lloyd C. Blankfein was a director at the Robin Hood Foundation, a director at Catalyst, and the chairman & CEO for the Goldman Sachs Group Inc. (Bailout Company).
Andrea Jung was a director at Catalyst, and is a director at the General Electric Company (GE).
Ann M. Fudge was a director at Catalyst, and a director at the General Electric Company (GE).
Alan G. Lafley is a director at Catalyst, and was a director at the General Electric Company (GE).
Jacqueline C. Hinman is a director at Catalyst, and an executive committee member for the Business Roundtable.
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Albert Einstein Quote (PAST RESEARCH ON THE INTERNATIONAL RESCUE COMMITTEE)
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The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it.
International Rescue Committee is a partner with the ONE Campaign.
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Susan A. Buffett is a director at the ONE Campaign, and Warren E. Buffett’s daughter.
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Barack Obama was an intern at Sidley Austin LLP.
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G. Richard Wagoner Jr. was the chairman & CEO for the General Motors (Bailout Company), a director at Catalyst, and a director at the Washington Post Co.
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Eric J. Foss is a director at Catalyst, and the chairman & president & CEO for the ARAMARK Corporation.
Jeff Zucker is a director emeritus for the Robin Hood Foundation, the president for CNN Worldwide, and an overseer at the Memorial Sloan-Kettering Cancer Center.
CNN Worldwide is a division of CNN.
Ian M. Cook is an overseer at the Memorial Sloan-Kettering Cancer Center, and a director at Catalyst.
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Sherilyn S. McCoy is a director at Catalyst, and was the vice chair for Johnson & Johnson.
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