Meanness and Greed Are Out, Immelt Says

Discussion in 'Wall St. News' started by patchie, Dec 10, 2009.

  1. patchie


    This is hysterical. Isn't GE the same company that was helmed by the infamous "Neutron Jack"; the master of greed and meaness.

    Meanness and Greed Are Out, Immelt Says
    December 10, 2009, 5:55 am
    The United States stands at the end of a generation when greed drove leaders and “rewards became perverted,” General Electric’s chief executive, Jeffrey Immelt, said in a speech at West Point on Wednesday.

    “We are at the end of a difficult generation of business leadership, and maybe leadership in general. Tough-mindedness, a good trait, was replaced by meanness and greed, both terrible traits,” the head of the largest U.S. conglomerate said in prepared remarks to be delivered at the U.S. Military Academy, according to Reuters.

    “Rewards became perverted. The richest people made the most mistakes with the least accountability,” Mr. Immelt said. “In too many situations, leaders divided us instead of bringing us together.”

    The financial crisis of the past 18 months, which hammered the Fairfield, Connecticut-based company’s results and last March briefly pushed its shares to 18-year lows, has changed Mr. Immelt’s approach to running the world’s biggest maker of jet engines and electricity-producing turbines, he said.

    “I decided that I needed to be a better listener coming out of the crisis,” Mr. Immelt said. “I felt like I should have done more to anticipate the radical changes that occurred.”

    Each Saturday, Mr. Immelt now invites one of the company’s top 25 executives to chat about the future of the company, an exercise intended to give him a greater insight into what is going on across its many divisions.

    In a speech that focused on leadership styles, he said that executives need to be ready to move quickly in times of crisis and need to trust that their subordinates will be able to carry out their orders quickly.

    “In the peak of the financial crisis, it seemed like the world was going to end every weekend,” Mr. Immelt said. “I am sure that my board and investors frequently wondered what in the heck I was doing. I had to act without perfect knowledge; I had to act faster than my ability to communicate or explain my actions. I could do this because we had built trust. And we kept G.E. safe because we moved fast.”
  2. sprstpd


    Why does Immelt have any credibility left after GE's financial division nearly wiped out the entire company? And if it weren't for the government stepping in, they likely would not exist anymore.
  3. patchie


    If only Immelt would come clean on his layoff numbers. How many people did GE terminate to make even the numbers they have?

    GE historically terminates the workforce and expects those that remain to pick up the slack so that Division heads can meet their numbers and get their bonuses. Immelt talked about accountability but in the end, how accountable has he been in the poor performance of GE? Terminating the rank and file and placing those burdens on the local communities isn't exactly being accountable.
  4. 1985. Ran the printing outfit for them. They said, "take it It's yours. we're outsourcing. But we'll let you bid."

    That guy told me they'd take ten guys, line 'em up, fire five, tell the other five to get their work done, and the other fives' too, or they'd be fired.

    And the meanness being over? Bullshit. Ge is not consumer friendly in any sense of the word(s).
  5. heypa


    How does being in bed with the big "O" fit into this so called change of philosophy?
  6. Don't you work for GE?
  7. Nice to see new creations out to beat me up.

    Patrick hurt you that bad, eh?

    You know he did. LOL. And you know you weasels talk like magpies when you get caught. Wonder what the discovery looks like?
  8. I was speaking to patchie ... not the monkey on his lap.
  9. You're real quick with the wit. One of Cohodes' boys? Who do you work for?

    I took the moniker, and the fact it's such a delightful handle as a comment directed at me. Since my IQ is probably 40 pts higher than yours, and I'm a "moro", what's that make you?
  10. <img src = "">
    #10     Dec 10, 2009