So I happen to be chatting with a pretty high up GE resource over the weekend. We obviously voiced our disgust with GE and the current leadership. As a former employee that dumped all of my GE stock I did not have too much nice to say about the recent lies Jeff Immelt had spat to Jim Cramer back in first and second Qtr of 2017 on a CNBC interview. If anyone know GE Jim has been a positive voice of GE for years. Not anymore ! Anyway I mentioned it was a complete set of lies when Jim questioned Jeff on various subjects and the path forward for GE as the stock was dropping. Anyway, this GE resource said, well it only get better the company STILL owes Jeff over $200 million as part of his retirement package. What the hell is the former board thinking? I bet the folks that are getting laid off or have been laid off will be happy hear this news! Glad I dumped that POS stock. I am sure the stock analysts will start pumping the stock soon.
10 replies (most recent on top)
@RP4Mv5A-2vxn Enlighten us please, or are you just another clown trolling these forms?
JI is a beta male. One day he woke up and found out he was in charge. From then on he did not know what to do and the company started doing everything two years too late.
You clowns are blowing smoke don't know what you're talking about.
Welch turned GE from and industrial company to a financial company. GE Capital is (was) his baby. Get a bunch of cash and start making deals. (And pay himself a lot.) Welch started all the layoffs and down sizing. He did not want to make anything because that is too hard. He was selling anything that looked like a business that required work. Leasing business started. Then the financial crisis came in 2007 - 2008 and GE Capital took GE down. Too much debt. Welch was long gone. He didn't leave much for I-Melt who finished the job. WS sure loved to hear J Dub talk though; Idiots. Whenever they start talking about CEO of the year or worse the decade - sell the stock. That was 2000. GE was close to 70 once. Hon is next. They loved Cote. Right out of the JW school of leadership.
My theory was that they figured JI was well known enough that any CEO in the world would at least take his call. Pretty much a glorified administrative assistant. Which is a position he might be qualified for.
I think the way it works is that JI is a board member in other companies where some of the GE board members are CEOs, or something of similar nature. I guess there is some honor among thieves.
Hope he chokes on a piece of lobster at the golf 🏌️ Immelt is a piece of sh--.
JW left behind a dysfunctional HR system. No one can do anything about it. After years of their influence HR has molded a beta male management team.
Well JW left the company it was in decent shape so we all thought. The biggest blessing was that he did not buy Honeywell. GE would have screwed that company up as well and sold it for 1/2 as much 5 years later Watch the recip sale in Power. They will lose money if sell that business for $2 Billion ..go figure. But I agree the golden chute could have been higher for JI if the company was doing better. I wish he got the golden shaft for his performance.
I realize no CEO wants to panic investors, but the execs had to know the orders for Power were dropping to critical levels. The warning signs appeared long before JI left. All they could do were the buybacks and insider stock purchases to delay the inevitable. As for JI's golden parachute, all I can say is wow. JW got $450 million when he left. Look at it as a performance pay cut.