Jeff Immelt
Immelt in June 2009
Born
Jeffrey Robert Immelt

(1956-02-19) February 19, 1956
Cincinnati, Ohio, U.S.
EducationDartmouth College (AB)
Harvard University (MBA)
Political partyRepublican
SpouseAndrea Immelt
Children1 daughter

Jeffrey Robert Immelt (born February 19, 1956) is an American business executive currently working as a venture partner at New Enterprise Associates.[1] He previously served as the CEO of General Electric from 2001 to 2017, and the CEO of GE's Medical Systems division from 1997 to 2000.[2] Immelt's tenure saw GE's largest divestments in the company's history, as the company sold almost two-thirds of its subsidiaries and assets.[3][4][5]

Early life and education

Immelt was born on February 19, 1956,[6]: 25  in Cincinnati, the son of Donna Rosemary (née Wallace), a school teacher, and Joseph Francis Immelt, who managed the General Electric Aircraft Engines Division.[7][8]

Immelt attended Finneytown Secondary Campus.[9] There he captained the football and basketball teams.[6]: 26  In college he played football and was an offensive tackle.[9] He earned an A.B. in applied mathematics and economics cum laude[10] from Dartmouth College in 1978. He was president of his fraternity, Phi Delta Alpha.[11]

During his years at Dartmouth he worked summers on a Ford assembly line in Cincinnati;[12] after graduating he worked for Procter & Gamble, where he shared a cubicle with Steve Ballmer, who went on to become CEO of Microsoft.[6]: 26  He obtained an MBA from Harvard Business School in 1982[12] and described business school as "one of the most intense times of your life."[13] He was later offered to work for Morgan Stanley, which he declined. Instead, he wanted to work for General Electric like his father.[6]: 26 

General Electric

Immelt at the U.S. Climate Action Partnership in January 2007

Immelt joined GE in 1982, working in GE's plastics, appliances, and healthcare businesses. He became a GE officer in 1989, joined the GE Capital board in 1997[14] and took on the leadership of GE Healthcare before being named CEO in 2001.

CEO

Four days after Immelt became CEO,[15] the September 11 attacks took place which cost GE's insurance business $600 million, killed two employees and directly affected the company's Aircraft Engines sector. After becoming CEO, Immelt offered an expanded set of financial reports in addition to GE's traditional format.[16]

Immelt participated actively in mergers and acquisitions,[17][18] purchasing Amersham PLC for $9.5 billion in 2004[19] and Alstom's power business for approximately €12.4  billion in 2015.[20] Immelt sold GE's plastics business for $11.6 billion in 2007,[21] NBC Universal for $8 billion in 2013,[17][22] and GE's appliances business for $3.3 billion in 2014.[23] In 2015, GE announced it would sell its real estate holdings for $26.5 billion and most of GE Capital's assets.[24][25][26][27]

During Immelt's tenure as CEO, shares of GE dropped 30%, while the S&P 500 rose by 134%.[28] GE restated its earnings in 2005[29] and agreed to pay the SEC $50 million to settle allegations of accounting fraud in 2009.[30]

GE receiving aid from the Federal Reserve while not paying federal income taxes became a political issue in the 2016 presidential campaign,[31][32] although GE did pay taxes in other jurisdictions. At the end of 2012, over $100 billion had been kept offshore to avoid a special federal repatriation tax.[33] In 2015, GE announced a repatriation program for part of its cash balances. In 2016, GE moved its headquarters from Connecticut to Massachusetts, citing Connecticut's tax increases.[34]

Immelt had an empty private jet following his own private jet, in case there were delays with his primary jet.[35]

Employment

At the end of 2001 when Immelt replaced Jack Welch, GE employed 219,000 worldwide and 125,000 in the US, as reported in its SEC Form 10K for 2001. GE's SEC Form 10K for 2014 states that worldwide employment is 305,000, and US employment is 136,000. These employment levels have varied significantly under Immelt.

General Electric year end employment has varied from 273,000 in 2010 to 305,000 in 2014, a net increase of 37,000. Employment had dropped from 315,000 in 2002 to 307,000 in 2013.[36]

Compensation and retirement

Immelt's compensation has fluctuated significantly. As CEO of General Electric in 2007, Immelt earned a total compensation of $14,209,267.[37] In 2008, he earned a total compensation of $5,717,469.[38] In 2009, Immelt earned a total compensation of $5,487,155.[37] In 2010, Immelt's compensation nearly tripled to $15.2 million.[39] Immelt had a total five year compensation of $53.82 million through 2011, an income which ranked sixth among executives employed by US-based conglomerates. Some components of his total compensation package over the years have been newsworthy. In some years he was granted stock options at $0, and in other years he was paid no bonus.[40] In 2014 his compensation totalled $18.8 million,[41] a decrease from his 2013 compensation of $25.8 million.[42] That 2013 compensation had risen 20% over his 2012 compensation of $20.6 million.[43]

On June 12, 2017, GE announced that Immelt would retire as CEO and would be replaced by John L. Flannery.[44] Immelt stepped down in October 2017.[45]

Later career

Uber

Immelt was initially a top candidate to become CEO of Uber, replacing founder Travis Kalanick. He was initially Kalanick's favorite for the post, in part because he was still open to Kalanick still having a significant role.[46]: 313, 318  However, Immelt's presentation before the board was poorly received; one director called it "a bad joke," and even Kalanick soured on him.[46]: 321  Immelt withdrew from consideration after a director privately told him he had no chance at getting the job.[46]: 322–324 

athenahealth

On February 7, 2018, Immelt became the chairman of the board at athenahealth.[45] Immelt joined the board of directors of Radiology Partners two weeks later.[47] On June 6, 2018, Immelt was named executive chairman of athenahealth.[48] athenahealth was acquired by Veritas Capital in 2019.[49][50][51]

Tuya Smart

Immelt became a board member of Tuya Smart in September 2019.[52][53] Immelt attended the Consumer Electronics Show in 2020 on behalf of Tuya Smart.[54]

Built Robotics

On June 30, 2020, Immelt was announced as an advisor to Built Robotics. He joined Eric Sellman, Vice President of Civil at Mortenson, in the role.[55]

Philanthropy

Charitable activities

Immelt serves on the board of two non-profit organizations.[2][56] He was a Charter Trustee of his alma mater, Dartmouth, from 2008 to 2016.[57] He has also served Dartmouth on its Alumni Council and as a class officer.[58]

Immelt has spoken about the benefits of football to his career. He announced a series of initiatives with NFL Commissioner Goodell including a GE investment of $40 million to develop diagnostic equipment for use in head trauma injuries, and GE's participation in a separate $20 million effort to develop safer helmets and other equipment.[59]

The GE Foundation has been praised for its charitable contributions under Immelt's leadership.[60][61]

Immelt has returned to his hometown High School, Finneytown, to contribute to the Finneytown Schools Education Foundation. The Foundation established the Jeff Immelt Award for leadership in football.[62]

Public service

Immelt served as chairman of The Business Council from 2005 to 2006.[63]

Immelt was as a member of the board of the Federal Reserve Bank of New York from 2006 to 2011.[2][64]

As one of America's top CEOs, Immelt has been a leading proponent of diversity in the work place, saying "If you're serious about ... making the world work better, the only discriminating factor should be excellence. In other words, GE is committed to diversity ...[because] ... it's the only way to do business right ... [GE is] committed to employing a diverse workforce with the most innovative minds in the world."[65]

Immelt was appointed to the President's Economic Recovery Advisory Board in 2009[66] and appointed chairman in 2011.[67] The council met four times, ending on January 17, 2012.[68]

Honors

Jeff Immelt has earned significant honors throughout his career, beginning with his graduation from Dartmouth cum laude and earning the Earl Hamilton Varsity Award, as a college football player, for friendship and character. Later in 2002, he received the Robert Fletcher Award from Dartmouth's Thayer School of Engineering.[58]

Career honors

Barron's has named Immelt one of the "World's Best CEOs" three times;[69] other outlets have criticized his performance.[70][71][72] He is a member of The American Academy of Arts & Sciences.[73] The Financial Times named him "Man of the Year" in 2003.[2] Immelt was named to Time magazine's 100 most influential people in the world in 2009.[74]

In 2009, Immelt won the Oslo Business for Peace Award, an award chosen by winners of the Nobel Prizes in Economics and Peace and given to leaders in the private sector who have demonstrated transformative and positive change through ethical business practices.[75]

Immelt was awarded the 2014 American Football Coaches Association Tuss McLaughry Award, given to a distinguished American (or Americans) for the highest distinction in service to others.[76] In accepting the award, he said "I am a product of football and I owe a great debt of gratitude to that system. What I learned playing football enters my life every day."[77]

In April 2015, Immelt won the 20th edition of the Leonardo International Prize "as a foreigner who reinforced his country's cultural and economic ties with Italy."[78]

On 24 December 2015, Immelt was listed by UK-based company Richtopia at number 50 in the list of 500 Most Influential CEOs.[79]

In 2017, Immelt was honored with an Edison Achievement Award for his commitment to innovation throughout his career.

Personal life

Immelt is married to his wife Andrea and they have one daughter, Sarah.[80] The two met as colleagues in General Electric.[6]: 26  They lived in New Canaan, Connecticut, until 2015.[81] They then purchased a home in Boston.[82]

References

  1. ↑ O'Brien, Kelly J. (2018-02-01). "Jeff Immelt joins venture capital firm with growing Boston presence". Boston Business Journal. Retrieved 2018-02-01.
  2. 1 2 3 4 "Jeffrey R. Immelt". Newyorkfed.org. Retrieved 2015-12-03.
  3. ↑ Egan, Matt (2017). "Inside the dismantling of GE". CNN. Archived from the original on 14 July 2023. Retrieved 14 July 2023.
  4. ↑ "2007 Annual Report" (PDF). Annualreports.com. Archived (PDF) from the original on October 16, 2017.
  5. ↑ "2017 Annual Report" (PDF). Annualreports.com. Archived from the original (PDF) on November 18, 2018.
  6. 1 2 3 4 5 Gryta, Thomas; Mann, Ted (2021). Lights out: pride, delusion, and the fall of General Electric. Boston New York: Mariner Books, Houghton Mifflin Harcourt. ISBN 978-0-358-25041-8.
  7. ↑ "Immelt, Jeffrey R. 1956–". Encyclopedia.com. Retrieved 2015-12-03.
  8. ↑ Byrum Keller, Valerie (1974). Immel and Imel families in America: twigs and branches of the Immel family tree. Schlechter's. p. 25.
  9. 1 2 "GE's Jeff Immelt: how the US can win (15:00)". Reuters. Archived from the original on 2013-06-27.
  10. ↑ "Jeffrey Immelt, Investiture Speaker". Engineering.dartmouth.edu. Retrieved 2015-12-03.
  11. ↑ "Jeffrey R. Immelt '78". Dartmouth.edu. Retrieved 2015-12-03.
  12. 1 2 "Jeffrey Immelt 101". Economix.blogs.nytimes.com. 21 January 2011. Retrieved 2015-12-03.
  13. ↑ "Fortune 100 CEOs:When they were MBA Students". Poetsandquants.com. 4 May 2011. Retrieved 2015-12-03.
  14. ↑ "Jeff Immelt, CEO". Ge.com. Archived from the original on 2015-11-19. Retrieved 2015-12-03.
  15. ↑ "GE Management – GE Executives – Leadership". Archived from the original on September 6, 2012. Retrieved September 7, 2012.
  16. ↑ "Corporations Supersize Annual Reports". Cfo.com. June 2002. Retrieved 2015-12-03.
  17. 1 2 Linebaugh, Kate (2011-09-06). "A Look at GE, 10 Years After Jeff Immelt Became CEO". WSJ. Retrieved 2015-12-03.
  18. ↑ "How Jeffrey Immelt's 'Success Theater' Masked the Rot at GE". Wall Street Journal. 21 February 2018. Retrieved 2021-01-18.
  19. ↑ "GE completes acquisition of Amersham, restructures GE Healthcare". Bizjournals.com. Retrieved 2015-12-03.
  20. ↑ "Alstom refocused on rail transport with strong leadership positions", www.alstom.com (press release), 2 November 2015
  21. ↑ Deutsch, Claudia H. (22 May 2007). "General Electric to Sell Plastics Division". The New York Times. Retrieved 2015-12-03.
  22. ↑ Lieberman, David (2013-03-19). "Comcast Completes Acquisition Of GE's 49% Stake In NBCUniversal". Deadline. Retrieved 2015-12-03.
  23. ↑ "GE Strikes $3.3 Billion Deal to Sell Appliances Business". Forbes.com. Retrieved 2015-12-03.
  24. ↑ "GE is spinning out most of its $500 billion GE Capital business, selling its $26.5 billion real-estate portfolio, and planning a $50 billion buyback". Businessinsider.com. Retrieved 2015-12-03.
  25. ↑ Collins, Allison. "For GE Capital's Coveted Antares Unit, New Owner Means Expansion Beyond Senior Debt". Mergers & Acquisitions, Latest News. Retrieved 2015-11-03.
  26. ↑ Sidel, Robin; Linebaugh, Kate (2015-08-11). "GE to Sell Health-Care Lending Operations to Capital One for $9 Billion". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-11-03.
  27. ↑ "BMO to Buy GE Capital's Transportation Finance Unit - Bloomberg Business". Bloomberg News. Retrieved 2015-11-03.
  28. ↑ Shen, Lucinda (12 June 2017). "General Electric's Value Plummeted Under CEO Jeff Immelt". Fortune. Retrieved 6 November 2019.
  29. ↑ "Special Note to GE Investors". Ge.com. Archived from the original on 2015-12-08. Retrieved 2015-12-03.
  30. ↑ "SEC Charges General Electric with Accounting Fraud". Sec.gov. Retrieved 2015-12-03.
  31. ↑ "Guess What? General Electric Didn't Pay Any Federal Income Taxes In 2010 Either". Businessinsider.com. Retrieved 2015-12-03.
  32. ↑ "Bernie Sanders". Sanders.senate.gov. Archived from the original on 2020-12-10. Retrieved 2015-12-03.
  33. ↑ "General Electric Avoids Taxes By Keeping $108 Billion Overseas". Huffingtonpost.com. 11 March 2013. Retrieved 2015-12-03.
  34. ↑ Avila, Joseph De (21 November 2016). "GE Sells Connecticut Headquarters for $31.5 Million". Wall Street Journal. Retrieved 2021-01-18.
  35. ↑ "Former GE CEO Jeff Immelt used to have an empty private jet fly next to his — just in case there were delays". Business Insider. Retrieved 2015-12-03.
  36. ↑ "General Electric Co. Form 10-K" (PDF). Ge.com. Archived from the original (PDF) on 2015-02-21. Retrieved 2015-12-03.
  37. 1 2 Archived March 18, 2010, at the Wayback Machine
  38. ↑ "Bonus, incentive waiver by GE | TopNews United States". Topnews.us. Retrieved 2015-12-03.
  39. ↑ "GE CEO Jeffrey Immelt saw compensation jump to $15.2 million". Associated Press. Archived from the original on May 17, 2013. Retrieved February 29, 2012.
  40. ↑ Forbes (April 13, 2011). "#145 Jeffrey R. Immelt". Archived from the original on June 17, 2013. Retrieved February 29, 2012.
  41. ↑ "GE's Immelt received $18.8M in 2014 compensation". Usatoday.com. Retrieved 2015-12-03.
  42. ↑ "GE CEO Immelt's pay jumps 20% to $25.8 million". Money.cnn.com. 11 March 2013. Retrieved 2015-12-03.
  43. ↑ "General Electric in 2012 boosted CEO compensation". Cbsnews.com. Retrieved 2015-12-03.
  44. ↑ Bray, Chad; Lohr, Steve (June 12, 2017). "Jeffrey Immelt to Retire as General Electric Chief". The New York Times. New York City. Retrieved June 12, 2017.
  45. 1 2 Aiello, Chloe (2018-02-07). "Former GE CEO Jeff Immelt named chairman of Athenahealth". CNBC. Retrieved 2018-02-25.
  46. 1 2 3 Mike Isaac (2019). Super Pumped: The Battle for Uber. W. W. Norton. ISBN 9780393652246.
  47. ↑ Lovelace, Berkeley Jr. (2018-02-21). "Ex-GE CEO Jeff Immelt's second act leads him to another health-care firm board". CNBC. Retrieved 2018-02-25.
  48. ↑ "Press Releases | athenahealth | Press Release". newsroom.athenahealth.com. Archived from the original on 2018-06-28. Retrieved 2018-06-21.
  49. ↑ "Far From GE's Collapse, Jeff Immelt Is Wheeling and Dealing Again". Bloomberg News. August 26, 2016.
  50. ↑ "athenahealth Enters Definitive Agreement to be Acquired by Veritas Capital For $135 Per Share in Cash". PR Newswite. August 26, 2016.
  51. ↑ "Verisk Health Announces Rebrand to Verscend Technologies". BusinessWire. August 26, 2016.
  52. ↑ "Tuya Smart Appoints Former GE CEO Jeff Immelt to Board-Tuya Smart". www.tuya.com. Retrieved 2020-03-03.
  53. ↑ "IoT News for the week of Sept. 27, 2019". Stacey on IoT | Internet of Things news and analysis. 2019-09-27. Retrieved 2020-03-03.
  54. ↑ Baig, Edward C. "What will it take for the government to protect your privacy?". USA TODAY. Retrieved 2020-03-03.
  55. ↑ "Jeff Immelt, Former CEO of GE, Joins Built Robotics as an Advisor" (Press release). San Francisco, CA, USA: Built Robotics. PR Newswire. June 30, 2020. Retrieved 2020-06-30.
  56. ↑ "Catalyst Welcomes Jeffrey Immelt and C. Steven McMillan To Extraordinary Board of Directors". Catalyst.org. Retrieved 2015-12-03.
  57. ↑ "Trustees Emeriti". Dartmouth.edu. Retrieved 2021-01-18.
  58. 1 2 "Board of Trustees". Dartmouth.edu. Retrieved 2015-12-03.
  59. ↑ "NFL's Goodell, GE's Immelt on Brain-Injury Study". Bloomberg.com. Retrieved 2015-12-03.
  60. ↑ "How GE gives away its money". Archive.fortune.com. Retrieved 2015-12-03.
  61. ↑ "America's 10 Most Generous Companies". Forbes.com. Archived from the original on July 22, 2013. Retrieved 2015-12-03.
  62. ↑ "Most Likely to Succeed". Cincymagazine.com. Archived from the original on 2015-12-08. Retrieved 2015-12-03.
  63. ↑ "The Business Council, Official website, Background". Thebusinesscouncil.org. Archived from the original on March 3, 2016. Retrieved December 2, 2015.
  64. ↑ "GE's Immelt Resigns From New York Fed Board of Directors". Bloomberg.com. 28 April 2011. Retrieved 2015-12-03.
  65. ↑ "Jeff Immelt- General Electric, Diversity and Leadership at GE". Diversityjournal.com. Retrieved 2015-12-03.
  66. ↑ "Los Angeles Times article Who's Who on new economic advisory board". Los Angeles Times. February 6, 2009. Retrieved February 5, 2009.
  67. ↑ Goldman, Juliana and Rachel Layne. "Obama Taps Immelt to Head Panel in Bid to Boost Jobs". Bloomberg.com. Retrieved February 25, 2012.
  68. ↑ JOSH GERSTEIN (18 Jan 2013). "Obama Jobs Council hits 1 year without official meeting". Politico. Retrieved March 10, 2014.
  69. ↑ "Jeff Immelt, CEO". Archived from the original on 2015-11-19.
  70. ↑ "Jeff Immelt 'destroyed' General Electric: Ken Langone".
  71. ↑ "GE won't claw back former CEO Jeff Immelt's pay after private jet scandal". CNN. 7 January 2021.
  72. ↑ "Oops! Five CEOs Who Should Have Already Been Fired (Cisco, GE, WalMart, Sears, Microsoft)". Forbes.
  73. ↑ "Membership Alphabetical Listing" (PDF). Ge.com. Retrieved 2015-12-03.
  74. ↑ "The 2010 Time 100". Time. Archived from the original on August 15, 2000. Retrieved May 6, 2010.
  75. ↑ "Past Honourees".
  76. ↑ "Tuss McLaughry Award". Afca.com. Archived from the original on 2015-11-07. Retrieved 2015-12-03.
  77. ↑ "Jeffrey Immelt to Receive 2014 Tuss McLaughry Award". Afca.com. Archived from the original on 2015-12-08. Retrieved 2015-12-03.
  78. ↑ "Nerio Alessandri, Jeffrey Immelt Honored at Leonardo Prizes". Wwd.com. 28 April 2015. Retrieved 2015-12-03.
  79. ↑ "Top 500 CEOs: From Tim Cook to Justine Roberts, These Are the Most Influential CEOs in the World". Richtopia. Archived from the original on 8 March 2021. Retrieved 29 January 2016.
  80. ↑ "Jeffrey R. Immelt". Nndb.com. Retrieved 2015-12-03.
  81. ↑ "GE CEO Jeff Immelt Sells New Canaan Mansion: Report," Patch, May 11, 2017.
  82. ↑ Madeline Billis, "General Electric’s CEO Bought a Home in Boston", Boston, May 6, 2016.

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