See this post on GE site and others - https://www.thelayoff.com/t/NIG4ud0#replies
3 replies (most recent on top)
Immelt, unlike Davey Boy Cote and his ilk, actually showed signs of having a heart and a brain. Witness the following changes at GE: https://qz.com/428813/ge-performance-review-strategy-shift/
GE started stacked ranking horsebleep (thanks Squeaky Jack) and apparently they saw fit to put an end to the abuse. Honeywell? Forgeddaboutit. If it enriches the CEO they won't change a damned thing, even as the company augurs into the ground.
GE just canned Immelt. He was not liked for past few years by WS (or employees, I used to work there). Not making stock move fast enough. He had done a few M&A and in hindsight bought high and sold low. But you can't squeeze much H2O from a turnip - Welch left him with nothing to work with. Kind of like the handoff Uncle Dave is doing to Dairyass. In the past 25 years GE converted itself from a giant manufacturing / industrial giant (80's and 90's) into a financial company under Welch, Then Immelt took over, we had a financial crisis and GE got hit hard. WS was critical of GE being too financial. So they have been trying to convert back to manufacturing / industrial since via M & A. Life moves in big circles, kind of like a toilet. And Immelt sure made a lot of $$ for himself.
That's why they must merge together into one much larger turd! It's lose-lose! Billions will be made by the 1% on the merger while employees, suppliers & customers lose!