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Former GE CEO Jeff Immelt joins Morning Joe to discuss his new book 'Hot Seat: What I Learned Leading a Great American Company.'Feb. 25, 2021
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"I want to be reflective about it," says Immelt, who now lectures at Stanford University's Graduate School of Business. "I don't want to hide."
In 2001, Immelt, who had previously held executive positions at GE for 19 years, was picked to succeed Jack Welch, one of the most famous CEOs in U.S. history. Under Welch, GE's market value soared from $14 billion to more than $410 billion.
Immelt's run wasn't so fruitful.
He took the helm on Sept. 7, 2001, four days before 9/11. The impact of the terrorist attacks battered several of GE's businesses, causing shares to plunge 20%, Immelt writes in "Hot Seat." Seven years later, the 2008 financial crisis hit GE's financial services division, GE Capital, which nearly collapsed.
Jeff Immelt on the Humbling of GE
1 Jeff Immelt on the Humbling of GE
In a new book, the former head of the once-mighty company admits he made mistakes but argues he faced 'bad news almost every day'
published : 22 Feb 2021 at 04:30
1 Jeff Immelt is photographed near his home in Kiawah Island, S.C. on Feb 11. Katie Charlotte for The Wall Street Journal
In the summer of 2001, weeks before Jeff Immelt became CEO of General Electric, he was playing golf with friends at a country club near Chicago when a club member asked him what he did.
"I work for GE," Mr. Immelt replied, omitting his title. "Ah, GE! Jack Welch!" the man said. "I feel sorry for the poor son of a bitch who's taking his place."
Former GE CEO Immelt promises unvarnished 'interrogation' in new book
Alexander Soule
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Jeffrey Immelt in November 2008 while CEO of General Electric, in New York City. (AP Photo/Mark Lennihan, file)Mark Lennihan / AP
Former General Electric CEO Jeff Immelt is publishing a memoir of his 16 years leading General Electric, with the onetime New Canaan resident having moved the conglomerate’s headquarters in 2016 to Boston from Fairfield, while selling off large chunks of Norwalk-based GE Capital.
In “HOT SEAT: What I learned leading a Great American Company” co-authored by Immelt and Amy Wallace, publisher Simon & Schuster promises “a rigorous and candid self-interrogation” of Immelt’s tenure as Jack Welch’s replacement.