Jeff Immelt: Difference between revisions

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|death_date =
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|party = [[Republican Party (United States)|Republican Party]]<ref>{{cite news |url= http://www.bloomberg.com/news/2011-01-21/obama-taps-ge-s-immelt-for-economy-panel-replace-volcker.html |title= Obama Asks GE's Immelt to Head Economic Advisory Panel, Replacing Volcker |author= Julianna Goldman and Rachel Layne |date= January 21, 2011 |accessdate= 2011-01-21 |publisher= [[Bloomberg L.P.|Bloomberg]]}}</ref>
|party = [[Democrat Party (United States)|Democrat Party]]<ref>{{cite news |url= http://www.bloomberg.com/news/2011-01-21/obama-taps-ge-s-immelt-for-economy-panel-replace-volcker.html |title= Obama Asks GE's Immelt to Head Economic Advisory Panel, Replacing Volcker |author= Julianna Goldman and Rachel Layne |date= January 21, 2011 |accessdate= 2011-01-21 |publisher= [[Bloomberg L.P.|Bloomberg]]}}</ref>
|spouse = Andrea Immelt
|spouse = Andrea Immelt
|children = 1
|children = 1
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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.<ref>{{cite news|url= http://latimesblogs.latimes.com/money_co/2009/02/economic-recove.html |title=Los Angeles Times article Who's Who on new economic advisory board|publisher=latimes.com|accessdate=2009-02-05 | date=February 6, 2009}}</ref>
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.<ref>{{cite news|url= http://latimesblogs.latimes.com/money_co/2009/02/economic-recove.html |title=Los Angeles Times article Who's Who on new economic advisory board|publisher=latimes.com|accessdate=2009-02-05 | date=February 6, 2009}}</ref>


On January 21, 2011, President Obama announced Immelt's appointment as chairman of his outside panel of economic advisers, succeeding former [[Federal Reserve]] chairman [[Paul Volcker]].<ref name=NYTBiz>Stolberg, Cheryl and O'Connor, Anahad (2011-01-21) [http://www.nytimes.com/2011/01/22/business/economy/22obama.html?_r=1&hpw Obama Sends Pro-Business Signal With Adviser Choice], ''[[New York Times]]''</ref> The ''[[New York Times]]'' reported that Obama's appointment of Immelt was "another strong signal that he intends to make the White House more business-friendly."<ref name=NYTBiz/> Immelt will retain his post at G.E. while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by [[Executive order (United States)|executive order]]."<ref name=NYTBiz/> Despite this, in July 2011 Immelt's General Electric announced that it is in the process of relocating its X-ray division from [[Wisconsin]] to [[China]].<ref>{{cite news| url=http://online.wsj.com/article/SB10001424053111904772304576467873321597208.html | work=The Wall Street Journal | first=Laurie | last=Burkitt | title=GE Bases X-Ray Unit in China | date=July 26, 2011}}</ref><ref>http://www.snopes.com/politics/business/ge.asp</ref> Immelt had previously referred to China as GE's "second home market".<ref>{{cite news| url=http://online.wsj.com/article/SB10001424053111904772304576467873321597208.html | work=The Wall Street Journal | first=Laurie | last=Burkitt | title=GE Bases X-Ray Unit in China | date=July 26, 2011}}</ref>
On January 21, 2011, President Obama announced Immelt's appointment as chairman of his outside panel of economic advisers, succeeding former [[Federal Reserve]] chairman [[Paul Volcker]].<ref name=NYTBiz>Stolberg, Cheryl and O'Connor, Anahad (2011-01-21) [http://www.nytimes.com/2011/01/22/business/economy/22obama.html?_r=1&hpw Obama Sends Pro-Business Signal With Adviser Choice], ''[[New York Times]]''</ref> The ''[[New York Times]]'' reported that Obama's appointment of Immelt was "another strong signal that he intends to make the White House more business-friendly."<ref name=NYTBiz/> Immelt will retain his post at G.E. while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by [[Executive order (United States)|executive order]]."<ref name=NYTBiz/> Despite this, in July 2011 Immelt's General Electric announced that it is in the process of relocating its X-ray division from [[Wisconsin]] to [[China]].<ref name="bare_url">{{cite news| url=http://online.wsj.com/article/SB10001424053111904772304576467873321597208.html | work=The Wall Street Journal | first=Laurie | last=Burkitt | title=GE Bases X-Ray Unit in China | date=July 26, 2011}}</ref><ref>http://www.snopes.com/politics/business/ge.asp</ref> Immelt had previously referred to China as GE's "second home market".<ref name="bare_url" />


===Compensation===
===Compensation===

Revision as of 17:53, 26 January 2012

Jeffrey Immelt
Immelt at the Centricity Healthcare User Group conference in Washington, D.C. (August 28, 2009)
Chairperson of the Council on Jobs and Competitiveness
Assumed office
February 23, 2011
PresidentBarack Obama
Preceded byPaul Volcker (President's Economic Recovery Advisory Board)
Chairman and CEO of General Electric
Assumed office
September 7, 2001
Preceded byJack Welch
Personal details
Born (1956-02-19) February 19, 1956 (age 68)
Cincinnati, Ohio, United States
Political partyDemocrat Party[1]
SpouseAndrea Immelt
Children1
Alma materDartmouth College
Harvard Business School

Jeffrey Robert "Jeff" Immelt (born February 19, 1956) is an American business executive. He is currently the 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 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.

Life and career

Immelt was born in Cincinnati, Ohio, the son of Donna Rosemary (née Wallace), a school teacher, and Joseph Francis Immelt, who managed the General Electric Aircraft Engines Division.[2][3] Immelt attended Finneytown High School; he played football in college and was an offensive tackle[4]. He holds an A.B. in Applied Mathematics from Dartmouth College where he currently serves on the board of trustees[5] 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 alleviate 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 a direct effect on the company's Aircraft Engines sector.

Immelt was named to Time magazine's 100 most influential people in the world in 2008.[6] He was also named one of the five worst Non-Financial-Crisis-Related CEOs of 2008 by the Free Enterprise Action Fund.[7] Since taking over, GE's stock has dropped nearly 60%. 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.[8] O'Reilly went as far as to say, "If my child were killed in Iraq, I would blame the likes of Jeffrey Immelt".[9] GE's website claims that the company stopped doing business in Iran in 2005 (and finished all contracts by 2008).[10]

According to documents filed with the Federal Elections Commission, Immelt lives with his wife Andrea in New Canaan, Connecticut.

Obama administration

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.[11]

On January 21, 2011, President Obama announced Immelt's appointment as chairman of his outside panel of economic advisers, succeeding former Federal Reserve chairman Paul Volcker.[12] The New York Times reported that Obama's appointment of Immelt was "another strong signal that he intends to make the White House more business-friendly."[12] Immelt will retain his post at G.E. while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by executive order."[12] Despite this, in July 2011 Immelt's General Electric announced that it is in the process of relocating its X-ray division from Wisconsin to China.[13][14] Immelt had previously referred to China as GE's "second home market".[13]

Compensation

Immelt at U.S. Climate Action Partnership event in 2007

As CEO of General Electric in 2007, 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.[15] 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.[16] In 2009, Immelt earned a total compensation of $5,487,155, which included a base salary of $3,300,000, a cash bonus of $0, stocks granted of $1,791,000, and options granted of $0.[17]

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. He gave the college commencement address and received an honorary Doctor of Laws from Dartmouth, in June 2004.[18] 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, Worcester Polytechnic Institute on May 17, 2008, and Michigan State University on December 11, 2010, receiving honorary doctorates from all six as well. He was the commencement speaker on May 23, 2010, at Hamilton College and on May 24, 2010, at Boston College. He addressed the undergraduate class of 2011 of the University of Maryland, Baltimore County on May 23, 2011, and received an honorary Doctor of Public Service [19] degree despite controversy at the school[20] over GE's corporate tax strategies.[21]

Further reading

References

  1. ^ Julianna Goldman and Rachel Layne (January 21, 2011). "Obama Asks GE's Immelt to Head Economic Advisory Panel, Replacing Volcker". Bloomberg. Retrieved 2011-01-21.
  2. ^ http://www.encyclopedia.com/doc/1G2-3448500266.html
  3. ^ Byrum Keller, Valerie (1974). Immel and Imel families in America: twigs and branches of the Immel family tree. Schlechter's. p. 25. {{cite book}}: Cite has empty unknown parameters: |coauthors= and |month= (help)
  4. ^ "GE's Jeff Immelt: how the US can win (15:00)". Reuters.
  5. ^ "Board expands with appointment of five new members". The Dartmouth News Releases. Retrieved 2008-09-06. [dead link]
  6. ^ "The 2010 Time 100". Time. Retrieved May 6, 2010.
  7. ^ "Obama Selects 'Worst CEO of 2008' to Economic Advisory Panel, Says the Free Enterprise". Reuters. February 10, 2009.
  8. ^ "How Iran Is Killing U.S. Troops in Iraq". Pajamas Media. Retrieved 2009-04-24.
  9. ^ Kurtz, Howard (May 19, 2008). "Feud Fuels Bill O'Reilly's Blasts at GE". The Washington Post.
  10. ^ "GE's Iran Policy". ge.com. Retrieved 2009-04-27.
  11. ^ "Los Angeles Times article Who's Who on new economic advisory board". latimes.com. February 6, 2009. Retrieved 2009-02-05.
  12. ^ a b c Stolberg, Cheryl and O'Connor, Anahad (2011-01-21) Obama Sends Pro-Business Signal With Adviser Choice, New York Times
  13. ^ a b Burkitt, Laurie (July 26, 2011). "GE Bases X-Ray Unit in China". The Wall Street Journal.
  14. ^ http://www.snopes.com/politics/business/ge.asp
  15. ^ 2007 CEO Compensation for Jeffrey R. Immelt , Equilar
  16. ^ 2008 Bonus, incentive waiver by GE , TopNews US
  17. ^ 2009 CEO Compensation for Jeffrey R. Immelt , Equilar
  18. ^ "Dartmouth Commencement 2004". Dartmouth News Releases. Retrieved 2007-08-16.
  19. ^ "UMBC Spring 2011 Commencement Ceremonies". Retrieved 2011-05-18.
  20. ^ Ignacio & Paul (3 May 2011). "Students outraged over choice of commencement speakers". The Retriever Weekly. Retrieved 18 May 2011.
  21. ^ Kocieniewski, David (24 March 2011). "G.E.'s Strategies Let It Avoid Taxes Altogether". The New York Times. Retrieved 18 May 2011.

External links

Business positions
Preceded by Chairman and CEO of General Electric
2001–present 		Incumbent
Political offices
Preceded byas Chairperson of the President's Economic Recovery Advisory Board Chairperson of the Council on Jobs and Competitiveness
2011–present 		Incumbent

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