The tenure of Jeff Immelt as CEO of General Electric spanned 2001 to 2017, a period defined by massive structural divestments and a fundamental restructuring of the company. Having joined the corporation in 1982, he ascended through the healthcare and plastics divisions to lead one of the largest industrial conglomerates in the United States.
Early Development and Academic Path
Born in 1956 in Cincinnati, Immelt attended Finneytown Secondary Campus, where he participated in football and basketball. He continued his education at Dartmouth College, earning a degree in applied mathematics and economics in 1978. During his undergraduate years, he served as president of his fraternity, Phi Delta Alpha. He later obtained an MBA from Harvard Business School in 1982, rejecting an offer from Morgan Stanley to join the General Electric organization, where his father had managed the aircraft engines division.
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Immelt assumed the role of CEO in 2001. His leadership began during a volatile period, notably following the September 11 attacks, which impacted the firm's insurance and aircraft engine sectors. Throughout his tenure, he pursued aggressive mergers and acquisitions, including the purchase of Amersham PLC for $9.5 billion and Alstom's power business for €12.4 billion. Simultaneously, he oversaw significant divestments, selling the plastics business for $11.6 billion, NBC Universal for $8 billion, and the appliances unit for $3.3 billion. In 2016, he relocated the corporate headquarters to Massachusetts.
Performance and Challenges
The company’s financial performance under his guidance faced scrutiny, with shares dropping 30 percent while the S&P 500 trended upward. GE faced regulatory pressure, including a 2009 settlement of $50 million with the SEC regarding accounting fraud allegations. Political debates regarding federal income tax payments and the accumulation of offshore cash also marked his time as CEO. Upon his retirement in October 2017, John L. Flannery succeeded him as head of the firm.
Post-CEO Career and Affiliations
Following his exit from GE, Immelt explored roles outside traditional manufacturing. He was a candidate for the CEO position at Uber but ultimately withdrew from consideration. In 2018, he became executive chairman at athenahealth and joined the board of Radiology Partners. He later served as a board member for Tuya Smart and as an advisor for Built Robotics. Currently, he works as a venture partner at New Enterprise Associates.
Fast facts
- Born: 1956, Cincinnati
- Education: Dartmouth College, Harvard Business School
- General Electric CEO: 2001-2017
- Financial Times Person of the Year: 2003
- Global Economy Prize: 2015
- Current Occupation: Venture Partner, New Enterprise Associates
Questions readers ask
What was Immelt's role at athenahealth?
He served as the executive chairman of the board starting in 2018.
Did Immelt lead any other companies besides General Electric?
He has held leadership and advisory roles at athenahealth, Tuya Smart, and Built Robotics, and works as a venture partner at New Enterprise Associates.
Achievements
- Global Economy Prize — 2015
- Affiliated with General Electric and New Enterprise Associates
- Educated at Dartmouth College and Harvard Business School
