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Are we just going to completely ignore the 17 year reign of Jeff Immelt? GE Capital gained enough prominence to destroy the company under his reign. Jeff was
by slededit 8y ago
Are we just going to completely ignore the 17 year reign of Jeff Immelt? GE Capital gained enough prominence to destroy the company under his reign. Jeff was the one that acquired one of the nations largest subprime lenders in 2004, primed perfectly to maximize losses in 2008.
- WheelsAtLarge 8y agoYou're reinforcing my point Immelt was hand selected by Welch as his replacement. Additionally, Welch made GE's transition to financial services.
- jogjayr 8y agoJack Welch was a massive GE Capital fan - he praised it to the skies in his books and it really came into its own under him. He said (and I'm paraphrasing) that as a chemical engineer by training, he was blown way that you didn't have to design, manufacture, "bend metal" with GE Capital - just turn GE's strong balance sheet into more money. Maybe it's possible that that type of culture and system made Immelt the best candidate to take over? Or influenced his own decision-making?