Not so long ago, G.E. was the most valuable company in the world, a conglomerate that included everything from light bulbs and jet engines to financial services and The Apprentice. Now it’s selling off body parts to survive. What does the C.E.O. who presided over the decline have to say for himself?
So there is a silly question that a lot of authors get asked, which is, why did you write this book silly?
Because it's usually obvious.
But in your case, I don't think it's such a silly question, because a, you don't need the money, let's be honest, and b, you don't have a tale of triumph to tell.
So why did you write the book?
I'd say really two reasons.
I felt like the story had been out there but lacking context and quite honestly, not always being truthfully told.
And the second thing is, today, all leadership is crisis leadership.
And I have a lot to offer to that debate.
That is Jeff Imelt.
I worked at GE for more than 35 years.
I was the CEO for 16.
And yes, GE, that's general Electric, gave Imelt a lot of experience with crisis leadership.
I lived and led at a time of immense volatility and change.
Always did my best.
Some things worked and some things didn't.
Okay, let's start with what didn't work out.
When Imhelt inherited the CEO position in 2001 from the legendary Jack Welch, the stock price was around $38, representing a market capitalization of just over $400 billion.
When Imelt left in 2017, the stock price had fallen to around $25, with a market cap of around 220 billion, a drop of roughly 45%.
And now, just four years and two CEO's later, John Flannery lasted just 14 months, and Larry Culp now has the job.
GE stock has fallen even further, and the company is only worth around $100 billion, or one quarter of what it was when Jeff Immelt took over in 2001.