Ge Immelt And Ge Narratives Essay

945 words - 4 pages

The Immelt Revolution

Who is Jeff Immelt?
• Joined GE Plastic in 1982 (MBA from Harvard University)
• Various global leadership positions over year career in
GE
- GE Electronics, GE Medicals, International Marketing
• Elected as CEO to begin tenure in September 2001
• Different personality from J. Welch
- Easygoing, friendly, natural charisma (lead by example)
cf. Jack Welch :Brash, Impetuous, abrasive, feisty
(dictatorship)

Jeff, breakthrough in the CEO Factory?
CEO Process

Implementation

Long Term Planning

CEO Candidacy Programme for an
emergency, 1994

CEO Candidates

24 survived
Management Development and
Compensation Committee

Appraisal on
...view middle of the document...

99
1.54
1.59
1.55
1.51
1.41
1.64
1.52
1.47
1.36
1.24
1.10
10,394.00 10,611.00 10,445.00 10,075.00 10,028.00 10,052.00
1.99
1.54
1.59
1.55
1.51
1.41
1
1
1
1
1
1
0.01

(excl) Cedit(Charge) Per Shr
Extra
(incl) Cedit(Charge) Per Shr
Extra

-0.06
-0.07

-0.05

-0.04

-0.11

-0.03

-0.10

0.06

0.11

0.00

(pretax, incl)

PROFITABILITY RATIOS
Return On Earning Assets 5Yr Avg
Reinvestment Rate Total 5Yr Avg
Return On Assets 5Yr Avg
Return On Invested Capital 5Yr Avg
Cash Flow To Sales 5Yr Avg
Cost of Goods Sold To Sales 5Yr Avg
Gross Profit Margin 5Yr Avg
Operating Profit Margin 5Yr Avg
Pretax Margin 5Yr Avg
Net Margin 5Yr Avg

12/31/06

12/31/05

12/31/04

12/31/03

12/31/02

19.70
9.31
3.90
5.78
20.51
36.81
57.83
23.28
14.95
11.40

21.38
10.22
3.82
6.02
19.49
35.39
59.27
22.76
15.01
10.98

23.91
12.10
4.05
6.70
18.38
34.37
60.23
22.49
14.88
10.75

25.62
13.36
4.26
7.07
18.07
36.67
57.84
22.87
14.99
10.49

26.23
14.81
4.49
7.45
16.43
39.54
54.84
23.03
14.72
10.09

2001-2004 Performance
Sound Growth
• Sales Increase 17%
• Net Profit 32%
• EPS Growth 27%
But Declining ROE

Market view
• Relative to the S&P500 Composite, General Electric
Co has moderate value characteristics
– Its appeal is likely to be to income oriented investors.
– Has not outperformed the market in recent years

Why GE under Immelt has not impressed
the stock market?
 Business Strategy
• Change from the growth by M&A to organic growth and
competitive advantage by...

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