Challenge ahead of new General Electric chief

Dhaka,  Sat,  24 June 2017
Published : 14 Jun 2017, 13:41:12
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Challenge ahead of new General Electric chief

Challenge ahead of new General Electric chief
John Flannery’s appointment as chief executive of General Electric was recently confirmed, according to global media report Wednesday.

Jeff Immelt had held this the job for almost 16 years. For much of his time in the job, Mr Immelt was criticised for the quality of his leadership. Even when he took dramatic steps to reshape the business, transforming GE’s portfolio by selling most of its financial services division, the share price stubbornly failed to respond.

Recently he has been under pressure over the goal of $2 earnings per share for 2018 that he set in 2015. In December he said the management team was still committed to it, but last month he suggested that the objective could have become unattainable.

His worst moment came during the depths of the financial crisis in February 2009. “I’ll never be lower any time in my life than the day I had to cut the GE dividend. It always gives me pause.”

One of the high points was the development of GE’s operations in China, part of one of the clearest changes under his leadership. In 2000, Jack Welch’s last full year as chief executive, just 30 per cent of GE’s revenues were earned outside the US. By 2016 that was up to 60 per cent.

-SZ-
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