Jeffrey Immelt

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Jeffrey Immelt

Jeffrey Robert "Jeff" Immelt 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.



Early Life/Family/Personal

Immelt was born February 19, 1956 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.[1] Immelt attended Finneytown High School; he played football in college and was an offensive tackle.

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

Education

Immelt holds a B.A. in Applied Mathematics from Dartmouth College where he currently serves on the board of trustees and was president of his fraternity, Phi Delta Alpha. Immelt also received an M.B.A. from Harvard Business School.

Career

Jeffrey Immelt -- Obama Jobs Council Chairman Immelt: Communist China 'Works', Dec. 11, 2012

Jeffrey Immelt has been with General Electric 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.[2] He served as Chairman of The Business Council in 2005 and 2006.[3]

He took over the role of chairman and CEO on September 7, 2001,[4] 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 has a total of five years compensation of $53.82 million, an income which ranked sixth among executives employed by US-based conglomerates.[5] Immelt was named to Time magazine's 100 most influential people in the world in 2009.[6] Since taking over, GE's stock has dropped nearly 60%. General Electric has closed more than 31 plants since 2008 and let go of more than 19,000 employees, but Immelt still took home $15.2 million in 2011.[7] 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] In a May 2012 column in Forbes magazine, Adam Hartung listed Immelt as the fourth worst CEO of a large publicly traded American company, saying he had "no vision to propel GE’s growth, and should have been gone by 2010," after GE's stock dropped from $60 in 2000 to $19 in 2012 (2/3 from when Immelt took the CEO position).[11]

Jeffrey Immelt, the head of Barack Obama's highly touted "Jobs Council," has moved even more GE infrastructure to China. GE makes more medical-imaging machines than anyone else in the world and has announced that it "is moving the headquarters of its 115-year-old X-ray business to Beijing." Immelt is now calling China, GE's second homefront and that Communism "just works." Apparently, this is all part of a "plan to invest about $2 billion across China" over the next few years. But moving core pieces of its business overseas is nothing new for GE. Under Immelt, GE has shipped tens of thousands of good jobs out of the United States. Now GE is making nuclear power plant parts in China as well.[12]

Jeffrey Immelt: ...the one thing that actually works, you know, state run communism may not be your cup of tea, but their government works. They have five-year plans.

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.[13] 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.[14] 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, options granted of $0 and other income of $396,155. In 2010, Immelt's compensation nearly doubled to $15.2 million. He did not receive any bonus for almost 2 years, but in February, he received $4 million for his work in 2010.

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.[15] 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 degree despite controversy at the school[16] over GE's corporate tax strategies.[17]

Obama Appointment

The Jobs Czar: General Electric's Jeffrey Immelt, Oct. 9, 2011

In February of 2009, Jeffrey 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.[18] When President Obama chose to put Jeffrey Immelt at the head of the Economic Recovery Advisory Board, he claimed Immelt had knowledge that what would help the global economy. Obama has reported that Immelt has emerged as one of his top economic advisors in regards to trying to rebuild America's economy.

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.[19] 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." Immelt will retain his post at General Electric while becoming "chairman of the Council on Jobs and Competitiveness, a newly named panel that President Obama is creating by executive order." 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. Immelt had previously referred to China as GE's "second home market."[20]

Affiliations

Catalyst

Immelt joined the Board of Directors of Catalyst in 2002. Catalyst is a nonprofit research and advisory organization working to advance women in business.[21]

Clinton Global Initiative

Immelt is a member of the Clinton Global Initiative. He attended the 2009 CGI annual meeting.[22]

Federal Reserve Bank of New York

Jeffrey Immelt became a director for the Federal Reserve of New York in January of 2006. Citing time limitations, he resigned as director on April 28, 2011.[23]

Robin Hood Foundation

The Robin Hood Foundation is a charitable organization, which attempts to alleviate problems caused by poverty in New York. The organization also administers a relief fund for disasters in the New York City area.

Founded in 1988, the Robin Hood Foundation was the brainchild of hedge fund manager Paul Tudor Jones. In 2012, the board of directors included such names as Jeffrey Immelt, General Electric; Lee S. Ainslie, III, Maverick Capital Management, LLC; Daniel S. Och, Och-Ziff Capital Management Group; Barry Sternlicht, Starwood Capital Group; Victoria B. Bjorklund, Esq., Simpson Thacher and Bartlett LLP; Scott Bommer, SAB Capital Management; Peter F. Borish, Computer Trading Corporation; Geoffrey Canada, Harlem Children's Zone; Maurice Chessa, Bedford StuyvesantI Have a Dream Foundation; Steven A. Cohen, S.A.C. Capital Advisors, LLC; Glenn Dubin, Highbridge Capital Management; Marian Wright Edelman, Children's Defense Fund; David Einhorn, Greenlight Capital; Laurence D. Fink, BlackRock; Julius Gaudio, DE Shaw & Co.; John A. Griffin, Blue Ridge Capital; Doug Haynes, McKinsey & Co.; Paul Tudor Jones, II, Tudor Investment Corporation; Peter D. Kiernan, III, Kiernan Ventures; Kenneth G. Langone, Invemed Associates, Inc.; Mary McCormick, Fund for the City of New York; Doug Morris, Sony Corporation of America; Gwyneth Paltrow, Actress; Robert Pittman, Pilot Group, LLC; David Puth, CLS Group; Larry Robbins, Glenview Capital Management; Alan D. Schwartz, Guggenheim Partners; David M. Solomon, Goldman Sachs & Co.; Jes Staley, J.P. Morgan; Max Stone, DE Shaw & Co.; John Sykes, Clear Channel Entertainment Enterprises; David Tepper, Appaloosa Management; Harvey Weinstein, The Weinstein Company; Brian Williams, NBC Universal, Inc.; and Jeff Zucker, Producer.[24]

In 2009, George Soros gave the foundation a $50 million contribution. The money reportedly helped the organization raise significantly more than that amount.[25] In 2001, the The Concert for New York City provided funds for the organization. After hurricane Sandy, The Concert for Sandy Relief concert also provided funds for the foundation's efforts.[26]

Ronald Reagan Presidential Foundation

Jeffrey Immelt is a trustee of the Ronald Reagan Presidential Foundation. He delivered the Reagan Forum at the The Ronald Reagan Presidential Library on March 17, 2010.[27]

Top Capitalists Meet with Obama

On Dec. 15, 2010, President Barack Obama met with the following business leaders: Greg Brown, Motorola; John Chambers, Cisco Systems; Kenneth Chenault, American Express; Dave Cote, Chairman of Honeywell International Inc.; Scott Davis, UPS; John Doerr, partner at Kleiner Perkins Caufield & Byers; Mark Gallogly, managing partner at Centerbridge Partners; Lew Hay, NextEra Energy; Jeffrey Immelt, General Electric; Ellen Kullman, DuPont; John Lechleiter, Eli Lilly; Andrew Liveris, Dow Chemical; James McNerney, Boeing; Indra Nooyi, PepsiCo; Paul Otellini, Intel; Penny Pritzker, Pritzker Realty Group; Brian Roberts, Comcast; Jim Rogers, Duke Energy; Eric Schmidt, Google and Robert Wolf, UBS.

The stated purpose of the meeting was to discuss ways to work together on economic issues including job creation.[28]

Prior to entering the meeting, Obama made a public statement during which he stated,[29]

"I believe that the primary engine of America's economic success is not government, it's the dynamism of our markets. And for me, the most important question about an economic idea is... whether it will help spur businesses, jobs and growth."

Jeffrey Immelt - Quotes

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Publications

External Links

References

  1. Immelt, Jeffrey R. 1956– Encyclopedia.com, 2005
  2. general electric co (GE:New York) Bloomberg Businessweek
  3. The Business Council Background The Business Council
  4. GE Management - GE Executives General Electric
  5. #145 Jeffrey R Immelt Forbes
  6. Time 100 Time
  7. CEOs rewarded most for raising unemployment The Guardian, September 2, 2011
  8. How Iran Is Killing U.S. Troops in Iraq PJ Media, May 16, 2008
  9. Feud Fuels Bill O'Reilly's Blasts at GE The Washington Post, May 19, 2008
  10. GE Newsroom General Electric
  11. Oops! Five CEOs Who Should Have Already Been Fired (Cisco, GE, WalMart, Sears, Microsoft) Forbes, May 12, 2012
  12. GE CEO Jeffrey Immelt, The Head Of Obama’s Jobs Council, Is Moving Jobs And Economic Infrastructure To China At A Blistering Pace The Economic Collapse, July 29, 2011
  13. 2010 Top 200 U.S. CEOs Equilar, 2010
  14. Bonus, incentive waiver by GE TopNews, February 18, 2009
  15. Dartmouth Commencement 2004 Dartmouth News, June 13, 2004
  16. Students outraged over choice of commencement speakers The Retrieve Weekly, May 3, 2011
  17. G.E.’s Strategies Let It Avoid Taxes Altogether The New York Times, March 24, 2011
  18. Who's who on Obama's new economic advisory board Los Angeles Times, February 6, 2009
  19. Obama Sends Pro-Business Signal With Adviser Choice The New York Times, January 21, 2011
  20. GE Bases X-Ray Unit in China The Wall Street Journal, July 26, 2011
  21. Catalyst Welcomes Jeffrey Immelt and C. Steven McMillan To Extraordinary Board of Directors Catalyst, 2002
  22. President Clinton Unveils Program and Featured Attendees for 2009 Clinton Global Initiative Annual Meeting Clinton Global Initiative, September, 14, 2009
  23. New York Fed Announces Resignation of Jeffrey R. Immelt from Board of Directors Federal Reserve Bank of New York, April 28, 2011
  24. Board of Directors The Robin Hood Foundation
  25. STROM, STEPHANIE (2010-09-06). [Soros to Donate $100 Million to Rights Group "Soros to Donate $100 Million to Rights Group"]. New York Times
  26. A Preview of the ’12-12-12′ Concert and Where to Watch The Wall Street Journal, Dec. 12, 2012
  27. Reagan Forum with Jeffrey Immelt The Ronald Reagan Presidential Foundation & Library
  28. White House announces chief executives attending Wednesday's meeting The Hill, December 14, 2010
  29. The socialist president plays host to capitalism The Washington Post, December 15, 2010