452. Jeff Immelt Knows He Let You Down
Freakonomics Radio
Freakonomics Radio + Stitcher
4.5 • 32.8K Ratings
🗓️ 18 February 2021
⏱️ 46 minutes
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| 0:00.0 | So there is a silly question that a lot of authors get asked, which is, why do you write |
| 0:06.0 | this book? |
| 0:07.0 | Silly because it's usually obvious. |
| 0:08.3 | But in your case, I don't think it's such a silly question because, A, you don't need |
| 0:12.9 | the money, let's be honest, and B, you don't have a tale of triumph to tell. |
| 0:17.7 | So why did you write the book? |
| 0:19.8 | I'd say really two reasons. |
| 0:22.4 | I felt like the story had been out there, but lacking context. |
| 0:27.7 | And quite honestly, not always being truthfully told. |
| 0:32.1 | And the second thing is, today all leadership is crisis leadership, and I have a lot to |
| 0:37.2 | offer to that debate. |
| 0:40.8 | That is Jeff Emelt. |
| 0:42.7 | I worked at GE for more than 35 years. |
| 0:46.0 | I was the CEO for 16. |
| 0:49.6 | And yes, GE, that's general electric, gave Emelt a lot of experience with crisis leadership. |
| 0:56.0 | I lived and led at a time of immense volatility and change, always did my best, something's |
| 1:03.0 | worked and something's didn't. |
| 1:04.9 | Okay, let's start with what didn't work out. |
| 1:09.0 | When Emelt inherited the CEO position in 2001 from the legendary Jack Welch, the stock |
| 1:15.2 | price was around $38, representing a market capitalization of just over $400 billion. |
| 1:22.5 | When Emelt left in 2017, the stock price had fallen to around $25, with a market cap of |
| 1:29.3 | around $220 billion, a drop of roughly 45%. |
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