Mr. Immelt led GE through a portfolio transformation, the 9/11 tragedy, the power and pension bubbles, the financial crisis and oil price dynamics. GE nearly doubled its industrial profit during his tenure, and operating EPS was up approximately 50 percent. While CEO, GE returned $143 billion to investors in dividends, more than in the entire prior history of the company.
Mr. Immelt’s vision has positioned GE for the future and greatly strengthened the GE culture. Today, GE is a leader in the Industrial Internet and additive manufacturing, two of the most important innovations in the industrial world. GE is a top-ten brand, number seven on the Fortune World’s Most Admired Companies list and a top company for leaders.
Mr. Brennan added, “Jeff has positioned the company incredibly well for the future. 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. Jeff was a particularly adept steward of GE’s culture. He knows thousands of GE people all over the world and worked relentlessly to simplify the culture and unleash the GE entrepreneurial spirit. The plan for the GE CEO transition process was set in 2011. With the GE Capital pivot behind us and the company’s transition to Boston complete, this is the ideal time for change. The board is confident that in the years to come, GE investors and employees will benefit from Jeff’s hard work.”
Full bios, photos and other materials can be accessed here: http://invent.ge/CEO_Announcement
GE will be hosting a Facebook Live chat with its employees today at 9:00 a.m. ET. To access visit: https://www.facebook.com/GE/.
GE will be holding an investor webcast at 11:30 a.m. ET today. To access, visit: https://edge.media-server.com/m6/p/o4b6ezv5
Caution Concerning Forward-Looking Statements:
This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see http://www.ge.com/investor-relations/disclaimer-caution-concerning-forward-looking-statements as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.
About GE
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
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