Jeffrey R. Immelt
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| Jeffrey R. Immelt | |
|---|---|
 Immelt at the Centricity Healthcare User Group conference in Washington DC, August 28, 2009 |
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| Born | Jeffrey Robert Immelt February 19, 1956 Cincinnati, Ohio |
| Residence | New Canaan, Connecticut |
| Nationality |  |
| Alma mater | Dartmouth College Harvard Business School |
| Occupation | Chairman & CEO General Electric (2001-) |
| Salary | BaseUS$ $3,300,000 (2008) Total: US$ $5,717,469 (2008)[1] |
| Predecessor | Jack Welch |
| Spouse(s) | Mrs. Immelt |
| Children | 1 |
Jeffrey Robert Immelt (born February 19, 1956) is the current chairman of the board and chief executive officer of the U.S. based conglomerate General Electric. He was selected by GE's Board of Directors in 2000 to replace John Francis Welch Jr. (Jack Welch) following his retirement. Previously, Immelt had headed up GE's Medical Systems division (now known as GE Healthcare) as its President and CEO.
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[edit] Life and career
Immelt was born in Cincinnati, Ohio. He holds an A.B. in Applied Mathematics from Dartmouth College where he currently serves on the board of trustees[2] and was president of his fraternity, Phi Delta Alpha, and an M.B.A. from Harvard Business School. He has been with GE since 1982 and is on the board of two non-profit organizations, one of which is the Robin Hood Foundation, a charitable organization which attempts to allieviate problems caused by poverty in New York City.
His tenure as Chairman and CEO started off on a low note - he took over the role on September 7, 2001 - just four days before the terrorist attacks on the United States, which killed two employees and cost GE's insurance business $600 million, as well as having an obvious direct effect on the company's Aircraft Engines sector.
Immelt was named to Time Magazine's Time 100 most influential people in the world in 2008.[3] He was also named one of the five worst Non-Financial-Crisis-Related CEOs of 2008 by the Free Enterprise Action Fund.[4] Since taking over, GE's stock has dropped nearly 60%. In February, 2009, Immelt was appointed as a member to the President's Economic Recovery Advisory Board to provide the president and his administration with advice and counsel in fixing America's economic downturn.[5] Recently, Immelt has been criticized by Fox News Channel's Bill O'Reilly for business transactions between GE and Iran, the country which has reportedly been attacking U.S. forces in Iraq.[6] However, GE's website claims that they stopped doing business in Iran in 2005 (and finished all contracts by 2008).[7]
According to documents filed with the Federal Elections Commission, Immelt lives with his wife Andrea in New Canaan, Connecticut.
[edit] Compensation
As CEO of General Electric in 2007, Jeffrey R. Immelt earned a total compensation of $14,209,267, which included a base salary of $3,300,000, a cash bonus of $5,800,000, stocks granted of $4,713,000, and options granted of $0.[8] In 2008, he earned a total compensation of $5,717,469, which included a base salary of $3,300,000, stocks granted of $2,044,650, and other compensation of $372,819. He waived his bonus in 2008.[9]
[edit] Commencement Addresses
After becoming chairman of GE, Immelt delivered his first commencement address to the 2001 graduating class of the Thayer School of Engineering at Dartmouth College, of which he is an alumnus. In his speech, he emphasized the importance of future business opportunities with China and the Far East. He received an honorary Doctor of Laws from Dartmouth, in June 2004.[10] In the years that followed, Immelt gave the commencement address at Northeastern University (2006), Pepperdine University on April 29, 2006, the Georgia Institute of Technology on May 5, 2007, the University of Notre Dame on May 20, 2007, and Worcester Polytechnic Institute on May 17, 2008, receiving honorary doctorates from all five as well.
[edit] Further reading
- David Magee, 2009, Jeff Immelt and the New GE Way: Innovation, Transformation, and Winning in the 21st Century, McGraw-Hill Professional. ISBN 978-0-07-160587-8
- The Immelt Revolution, businessweek, 2005
[edit] References
- ^ http://www.reuters.com/finance/stocks/officerProfile?symbol=GE.N&officerId=28187
- ^ "Board expands with appointment of five new members". The Dartmouth News Releases. http://thedartmouth.com/2008/09/06/news/boardupdate. Retrieved 2008-09-06.
- ^ Time.Com
- ^ http://www.reuters.com/article/pressRelease/idUS190646+10-Feb-2009+PRN20090210
- ^ "Los Angeles Times article Who's Who on new economic advisory board". latimes.com. http://latimesblogs.latimes.com/money_co/2009/02/economic-recove.html. Retrieved 2009-02-05.
- ^ "How Iran Is Killing U.S. Troops in Iraq". Pajamas Media. http://pajamasmedia.com/blog/how-iran-is-killing-us-troops-in-iraq/. Retrieved 2009-04-24.
- ^ "GE's Iran Policy". ge.com. http://www.ge.com/news/our_viewpoints/iran.html. Retrieved 2009-04-27.
- ^ 2007 CEO Compensation for Jeffrey R. Immelt , Equilar.com
- ^ 2008 Bonus, incentive waiver by GE , TopNews US
- ^ "Dartmouth Commencement 2004". Dartmouth News Releases. http://www.dartmouth.edu/~news/releases/2004/06/13i.html. Retrieved 2007-08-16.
[edit] External links
- General Electric, Executive Bio and Photo
- September 2009 speech by Immelt regarding GE Healthcare
- Leading Questions: GE's Jeff Immelt, Interview with BBC Business
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| Business positions | ||
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| Preceded by Jack Welch |
Chairman & CEO of General Electric 2001 – Current |
Succeeded by Incumbent |
