Jeff Immelt on Crisis Management and Leadership (Podcast)

Masters in Business

Bloomberg

Business, Entrepreneurship, Investing

4.4 • 2.2K Ratings

🗓️ 12 March 2021

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bloomberg Opinion columnist Barry Ritholtz speaks with Jeff Immelt, who is a venture partner at the global venture capital and private equity firm New Enterprise Associates (NEA). Prior to joining NEA in 2018, Jeff was the ninth chairman of GE and served as chief executive officer for 16 years. He has received 15 honorary degrees and numerous awards for business leadership, and chaired the President’s Council on Jobs and Competitiveness under the Obama administration. His new book is “Hot Seat: What I Learned Leading a Great American Company,” a memoir of leadership in times of crisis.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0	This is Mesters in Business with Barry Reynolds on Bloomberg Radio.
0:08.3	This week on the podcast, I have an extra special guest.
0:12.0	His name is Jeff Immelt and he is the former Chief Executive Officer of General Electric,
0:18.6	one of America's biggest and best known companies.
0:22.8	I was really impressed not only with his book Hot Seat, but with our conversation.
0:29.6	He's absolutely forthright.
0:32.2	He takes complete ownership of the errors that were made at General Electric.
0:37.9	I mean, by and large, they got more right than wrong.
0:42.1	To be blunt, I think he inherited a mess from Jack Welsh, who I've described as the most
0:48.9	overrated CEO in history.
0:51.3	There was an accounting scandal lurking there.
0:54.5	Jack paid himself an obscene amount of money, a $460 million.
0:59.6	His package and just manipulating earnings, pulling a magic penny out of G.E. Capital.
1:07.0	I gave Immelt every opportunity to throw Welsh under the bus.
1:12.3	He refused to.
1:13.9	In fact, he could not have been more generous to his predecessor, who not only gave him
1:20.7	a company with a ticking time bomb in it, but a big conglomerate industrial company with
1:26.7	a 50 PE.
1:28.2	How is it not inevitable that G.E. stock price was going to come back to Earth?
1:32.4	A 15 or a 20 PE is reasonable for an industrial conglomerate, not 50.
1:39.2	The stock performance was more or less out of his hands.
1:43.4	He is super knowledgeable, really, just to tremendous guy.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Bloomberg, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Bloomberg and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.