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This Is A Test Essay

2890 words - 12 pages

Jeffrey Robert "Jeff" Immelt (born February 19, 1956) is an American business executive. He is currently the chairman of the board and chief executive officer of the U.S.-based conglomerate General Electric. He was selected as GE's CEO by their Board of Directors in 2000 to replace Jack Welch upon Welch's retirement from GE. Previously, Immelt had headed up GE's Medical Systems division (now known as GE Healthcare) as its President and CEO.

Immelt was born in Cincinnati, the son of Donna Rosemary (née Wallace), a school teacher, and Joseph Francis Immelt, who managed the General Electric Aircraft Engines Division ("GEAE" is now known as GE Aviation).[1][2]

Immelt attended Finneytown ...view middle of the document...

Immelt defended GE's reporting elections and the quality of its financial statements following heightened scrutiny after the Enron crisis. In 2001, his first year end as CEO, Immelt famously offered the market and the SEC a choice in financial reports, a new dramatically expanded set of reports with more details,[12] versus what had been the traditional format for GE's SEC filings. The experiment seemed to confirm that the traditional format, which was shorter, was preferable and it continues to be used at GE today. Immelt's intuition and judgments about financial reporting transparency were validated in experiments in behavioral economics conducted at Princeton in 2004.[13] Immelt has led GE through two reporting challenges since then: it has been required to restate its SEC filings;[14] and, in 2009 GE agreed to pay the SEC $50 million to settle allegations of accounting fraud.[15]

GE could not escape the 2008 crisis that was fueled by the mortgage-backed securities debacle on Wall Street and the liquidity crisis that brought the derivatives market to its knees. GE's major financial business is known as GE Capital and it is operated largely through the General Electric Credit Corporation subsidiary. As part of its response to the credit crisis, GE joined Goldman Sachs and Morgan Stanley in forming a wholly owned banking affiliate that qualified as a Savings and Loan Association. This entitles the subsidiary to FDIC insurance over its deposit at the cost of bowing to regulation as a bank holding company. Aid received from the Federal Reserve by GE has also become a political issue in the 2016 presidential campaign.[16]


Immelt has not been a passive inheritor of "the house that Jack built." [17] In fact at the outset of this time as GE's CEO, Immelt took pains to establish that he would act as "his own man." [18]

Welch preferred internal, or "organic" growth and benefited from long-term US economic trends that buoyed his major business lines. In particular Welch's tenure benefited from the economic expansion during the Clinton Administration which ended immediately before Immelt became GE's CEO. The US economy has faced a number of shocks since Immelt became CEO: the 9/11 terrorist attacks on the USA, the 2008-09 financial crisis, and the recessionary quarters under the Obama Administration.

Immelt's governance has taken a different path, differentiating him from Welch in both substance and style. On the one hand he has eliminated or reduced GE's involvement in a number of businesses from the Welch era, with moves in the Plastics, Appliance and GE Capital businesses. On the other hand, he has seized the growing international nature of commerce to expand GE's operations overseas.

The GE plastics business was sold in 2007 for $11.6 billion to Saudi Arabian interests.[19] Welch had been the leader of GE's plastics business before being named its overall CEO. In 2014 GE agreed to sell its appliance...

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