Spotlight
Tuesday, 22 April
Jeffrey Immelt
Following a disappointing first-quarter earnings report, Financial Week reports that the credit crunch is still in full force, emphasizing that General Electric's problems "illustrate how much further real estate prices have to fall before the crunch is over." CEO Jeffrey Immelt explained that GE's inability to close deals in the first quarter due to an "extraordinary disruption"--referring to the collapse of Bear Stearns--explains why the real estate business isn't measuring up.
Portfolio writer Jack Flack commends Immelt's knack for business spin, but offers three recommendations to turn the company around: 1) Jack Welch's outburst is actually an opportunity to create a new model; 2) Get off the defensive and reword your thoughts about business strategy; 3) Change your structure--sell NBC Universal, group G.E. Finance and G.E. Money, and get rid of the Healthcare business.
Liz Peek of the New York Sun criticizes Jack Welch for condemning what she sees as Immelt's poor management. Pointing out Welch's shortcomings, she highlights where Immelt has steered straight.
A recent article in the New York Times suggested that the recent trouble for Immelt has called the CEO's credibility, and job security, into question.
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