Jeff Immelt stepping down as CEO of GE

Jeff Immelt stepping down as CEO of GE

by Chris Isidore   @CNNMoney June 12, 2017: 10:07 AM ET

http://money.cnn.com/2017/06/12/news/companies/ge-immelt-stepping-down/index.html

Jeff Immelt, who has led General Electric (GE) since 2001, is stepping down.

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

http://www.webpronews.com/jamie-dimon-steps-down-as-jp-morgan-chairman-2013-10/

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

https://www.wsj.com/articles/coca-cola-ceo-muhtar-kent-to-step-down-next-year-1481291884

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

http://www.delawareonline.com/story/money/2015/10/05/dupont-ceo-kullman-retire/73405804/

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

http://www.washingtonpost.com/wp-dyn/content/article/2010/06/10/AR2010061004710.html

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

http://www.newsmax.com/Finance/StreetTalk/Goldman-CEO-Blankfein-Expected/2011/04/18/id/393240/

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.

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

http://thesteadydrip.blogspot.com/2017/06/albert-einstein-quote.html

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.