Jeff Immelt
stepping down as CEO of GE
by Chris Isidore
@CNNMoney
June 12, 2017: 10:07 AM ET
The company on Monday named John Flannery, the president
and CEO of GE Healthcare, as the new CEO, effective August 1.
Immelt will remain as chairman through the end of this
year.
Immelt, 61, succeeded legendary CEO Jack Welch, who led
the company for 20 years and vastly increased its size and scope. Immelt took
over on Sept. 7, 2001, four days before the terrorist attacks. He also led the
company through the 2008 crisis in financial markets.
Unlike Welch, Immelt oversaw the shedding of many
divisions that were part of the company when he joined, including the NBC
television network and much of the assets of GE Capital,
a financial services business that was once the largest part of the company.
GE (GE) stock has
struggled in recent years, falling more than 10% this year even as the broader
stock market reached record levels. The stock has been the worst performing
component of the Dow Jones industrial average since Immelt became CEO. Shares
climbed 5% in early trading Monday after the announcement about Immelt.
The shrinking of the company's portfolio of businesses is
probably not over. Immelt and GE have been under pressure from an activist
investment fund to cut costs and increase profits to boost the stock price.
Just last week, GE announced to employees that it was
putting its iconic light bulb business up for
sale. The company was co-founded by Thomas Edison, the inventor of
the light bulb.
Immelt has clashed with the Trump administration,
criticizing its travel
ban, its advocacy for more protectionist trade policies,
the rollback of environmental regulations
and the country's exit from the Paris deal on climate change,
among other issues.
GE said Immelt's departure follows succession planning
that began in 2011.
"Jeff has positioned the company incredibly well for
the future," said Jack Brennan, lead independent director for GE's board.
"He executed a massive portfolio transformation and navigated the company
through economic cycles and business disruptions. Today, GE is a high-tech
industrial company with a bright future."
Flannery, 55, joined the company in 1987, evaluating risk
for leveraged buyouts. Early in his GE career he worked on corporate
restructurings. He has spent almost half his career living outside of the
United States, running GE units in South America and Asia.
He also worked on the shrinking GE Capital, the initial
public offering of GE's Synchrony Financial unit and the sale of GE Appliances
for $3.3 billion in 2014.
-- CNNMoney's Matt Egan contributed to this story.
General Electric (GE)
Hillary Rodham
Clinton was paid speaker fees from the General
Electric Company, and was a director at the Bill, Hillary & Chelsea Clinton Foundation.
Note: General
Electric Company was a funder for the Bill,
Hillary & Chelsea Clinton Foundation.
Open Society
Foundations was a funder for the
Bill, Hillary & Chelsea Clinton Foundation.
George
Soros is the founder & chairman for the Open Society Foundations, and was the chairman for the Foundation
to Promote Open Society.
Foundation
to Promote Open Society was a funder for the Robin
Hood Foundation.
Jeffrey R. Immelt
is a director at the Robin Hood
Foundation, the chairman & CEO for the General Electric Company (GE), and was a director at Catalyst.
James
Dimon is a director at Catalyst,
and was the chairman & CEO for
JPMorgan Chase
& Co. (Bailout Company).
Jamie Dimon Steps Down as JP Morgan Chairman
10.15.2013Business
Jamie Dimon has stepped
down from his position as chairman with JP
Morgan the countries largest banking institution. His actions have resulted in
an investigation with the federal government and a settlement that lead to a
painful loss for JP Morgan. This loss is the first one publicized or admitted
to under Dimon's watch throughout his 10 years as chairman.
Muhtar Kent is a director
at Catalyst, and the chairman &
CEO for the Coca-Cola Company.
Coca-Cola CEO Muhtar Kent to Step Down Next Year
Operating Chief James Quincey
will become chief executive in May; Mr. Kent will remain chairman
By Mike Esterl and Jennifer
Maloney
Updated Dec. 9, 2016 5:54
p.m. ET
After a rocky eight-year run
atop the world’s biggest beverage company, Muhtar Kent will step down as
chief executive of Coca-Cola Co. and hand the task of reviving sales growth to his top
deputy.
Marillyn A.
Hewson is a director at Catalyst,
and a director at the E.I. du Pont de
Nemours and Company.
Charles O.
Holliday Jr. was the chairman emeritus for Catalyst, and the chairman & CEO for the E.I. du Pont de Nemours and Company.
Ellen J. Kullman
is a director at Catalyst, was the chair & CEO for
the E.I. du Pont de Nemours and Company,
and a director at General Motors (Bailout Company).
E.I.
du Pont de Nemours and Company was an investor in General Motors (Bailout Company).
DuPont CEO Ellen Kullman's abrupt departure
Maureen Milford , Jeff
Montgomery , Jeff Mordock and Scott Goss , The News Journal Published 4:46 p.m.
ET Oct. 5, 2015 | Updated 9:54 a.m. ET Oct. 6, 2015
Ellen Kullman, DuPont's chief executive officer and chairwoman, will step down from
both positions and retire from the company on Oct. 16, the chemical company
announced Monday.
The abruptness of Kullman's
departure has some speculating that Kullman was asked to resign. There has not
been such a sudden departure of a DuPont CEO in recent memory. When Kullman
took the helm in 2009, she was the first woman and the 19th executive to lead
the company founded in 1802.
John F. Smith Jr.
was the chairman emeritus for Catalyst,
and the chairman & CEO for the General
Motors (Bailout Company).
Karen L. Katen was
a director at Catalyst, and a
director at General Motors (Bailout Company).
G. Richard
Wagoner Jr. was a director at Catalyst,
the chairman & CEO for the General
Motors (Bailout Company), and a
director at the Washington Post Co.
Ex-GM chief G. Richard Wagoner Jr. to join Post Co. board
By Frank Ahrens
Washington Post Staff Writer
Friday, June 11, 2010
Friday, June 11, 2010
G. Richard "Rick"
Wagoner Jr., who was ousted as chief
executive of General Motors by the Obama administration, has been
elected to The Washington
Post Co.'s board of directors,
increasing the board to 11 members, the education and media company said
Thursday.
The Post Co.'s news release
said Wagoner "retired from General Motors Corporation in August
2009," but the White House has acknowledged that it forced Wagoner to step down two
months before the automaker was pushed into bankruptcy and given a $51 billion
government bailout. As part of GM's reorganization, the federal government took
a 61 percent stake in the company that it still holds. GM plans an initial
public offering in coming months to pay back the taxpayer money.
Anne M. Mulcahy
was a director at Catalyst, and a
director at Washington Post Co.
Warren E. Buffett
was a director at the Washington Post Co.,
a director at the Coca-Cola Company,
and is Howard G. Buffett & Susan A. Buffett’s
father.
Muhtar Kent is the
chairman & CEO for the Coca-Cola
Company, and a director at Catalyst.
Andrea
Jung was a director at Catalyst,
and is a director at the General
Electric Company (GE).
Ann
M. Fudge was a director at Catalyst, and a director at the General Electric Company (GE).
Alan G. Lafley is
a director at Catalyst, and was a director at the General Electric Company (GE).
Jeffrey R. Immelt
was a director at Catalyst, is the
chairman & CEO for the General
Electric Company (GE), and a director at the Robin Hood Foundation.
Lloyd C. Blankfein
was a director at Catalyst, a
director at the Robin Hood Foundation,
and the chairman & CEO for the Goldman
Sachs Group Inc. (Bailout Company).
NYT: Goldman CEO Blankfein Expected to Step Down Soon
Monday, 18 Apr 2011 01:45 PM
Goldman Sachs CEO Lloyd
C. Blankfein is reportedly telling friends he's
stepping down soon, and a quiet search is on for the person to replace
him at one of Wall Street's most emblematic investment banks, The New York
Times reports.
Officially, Blankfein isn't going anywhere despite rumors he is worn out from navigating the bank through the crisis.
Officially, Blankfein isn't going anywhere despite rumors he is worn out from navigating the bank through the crisis.
Edward M. Liddy
was a director at Catalyst, and a
director at the Goldman Sachs Group Inc.
(Bailout Company).
John
J. Mack was a director at Catalyst, and the chairman & CEO for Morgan Stanley (Bailout Company).
James S. Turley
was a chairman for Catalyst, and is
a director at the Citigroup Inc.
(Bailout Company).
Reuben
Mark was a chairman emeritus for Catalyst, and a director at the Citigroup Inc. (Bailout Company).
Judith
Rodin was a director at Catalyst,
and is a director at the Citigroup Inc.
(Bailout Company).
James S. Turley was
a chairman for Catalyst, and is a
director at the Citigroup Inc. (Bailout
Company).
Ann Dibble Jordan
was a director at Catalyst, a
director at the Citigroup Inc. (Bailout
Company), a director at Johnson
& Johnson, and an overseer at the Memorial
Sloan-Kettering Cancer Center.
Anne M. Mulcahy was
a director at Catalyst, a director
at the Citigroup Inc. (Bailout Company),
and is a director at Johnson &
Johnson.
Sherilyn S. McCoy
is a director at Catalyst, and was
the vice chair for Johnson & Johnson.
Ian
M. Cook is a director at Catalyst,
and an overseer at the Memorial
Sloan-Kettering Cancer Center.
Thomas J. Wilson
is a chairman for Catalyst, and was
a director at the Federal Reserve Bank
of Chicago.
Kendall J. Powell
is a director at Catalyst, and a
director at the Federal Reserve Bank of
Minneapolis.
Jeffrey B.
Kindler was a director at Catalyst,
and a director at the Federal Reserve
Bank of New York.
Indra K. Nooyi is
a director at Catalyst, and was a
director at the Federal Reserve Bank of
New York.
James
Dimon is a director at Catalyst,
the chairman & CEO for the JPMorgan
Chase & Co. (Bailout Company), and was a director at the Federal Reserve Bank of New York.
David
M. Cote was a director at the JPMorgan
Chase & Co. (Bailout Company), the SVP for the General Electric Company (GE), is an executive committee member for
the Business Roundtable, and a
director at the Federal Reserve Bank of
New York.
Jeffrey R. Immelt
is the chairman & CEO for the General
Electric Company (GE), an
executive committee member for the Business
Roundtable, a director at the Robin
Hood Foundation, was a director at the Federal
Reserve Bank of New York, and a director at Catalyst.
Lloyd C. Blankfein
was a director at the Robin Hood
Foundation, a director at Catalyst,
and the chairman & CEO for the Goldman
Sachs Group Inc. (Bailout Company).
Andrea
Jung was a director at Catalyst,
and is a director at the General
Electric Company (GE).
Ann
M. Fudge was a director at Catalyst,
and a director at the General Electric
Company (GE).
Alan G. Lafley is
a director at Catalyst, and was a
director at the General Electric Company
(GE).
Jacqueline C.
Hinman is a director at Catalyst,
and an executive committee member for the Business
Roundtable.
Mary Agnes
Wilderotter is a director at Catalyst,
and was an executive committee member for the Business Roundtable.
Indra K. Nooyi is
a director at Catalyst, an overseer
at the International Rescue Committee,
and was a director at the Federal
Reserve Bank of New York.
Albert Einstein Quote (PAST RESEARCH ON THE INTERNATIONAL
RESCUE COMMITTEE)
Tuesday, June 6, 2017
The world is a dangerous
place to live; not because of the people who are evil, but because of the people
who don't do anything about it.
International
Rescue Committee is a partner with the ONE
Campaign.
Howard G. Buffett
is a director at the ONE Campaign, a
director at the Coca-Cola Company,
and Warren E. Buffett’s son.
Susan A. Buffett
is a director at the
ONE Campaign, and Warren E. Buffett’s daughter.
Michelle Obama
was an advocate for the ONE Campaign,
and a lawyer at Sidley Austin LLP.
Barack
Obama was an intern at Sidley Austin
LLP.
Sidley Austin
LLP was the lobby firm for General
Motors, the General Electric Company,
and the ARAMARK Corporation.
G. Richard
Wagoner Jr. was the chairman & CEO for the General Motors (Bailout
Company), a director at Catalyst,
and a director at the Washington Post Co.
Jeffrey R. Immelt
is the chairman & CEO for the General
Electric Company (GE), an executive committee member for the Business Roundtable, a director at the Robin Hood Foundation, was a director
at the Federal Reserve Bank of New York,
and a director at Catalyst.
Eric
J. Foss is a director at Catalyst,
and the chairman & president & CEO for the ARAMARK Corporation.
Jeff
Zucker is a director emeritus for the Robin
Hood Foundation, the president for CNN
Worldwide, and an overseer at the Memorial
Sloan-Kettering Cancer Center.
CNN Worldwide
is a division of CNN.
Ian
M. Cook is an overseer at the Memorial
Sloan-Kettering Cancer Center, and a director at Catalyst.
Ann Dibble Jordan
was an overseer at the Memorial
Sloan-Kettering Cancer Center, a director at Catalyst, a director at the Citigroup
Inc. (Bailout Company), and a director at Johnson & Johnson.
Sherilyn S. McCoy
is a director at Catalyst, and was
the vice chair for Johnson & Johnson.
Anne M. Mulcahy was
a director at Catalyst, a director
at the Citigroup Inc. (Bailout Company),
and is a director at Johnson &
Johnson.
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