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Cultural Revolution at GE
Jeffrey Immelt (MBA ’82) had a tough act to follow when he took over as GE chairman and CEO in September 2001 from the legendary Jack Welch. Ever since, Immelt has been on a mission to transform the $152 billion industrial and finance behemoth from one famously obsessed with deal-making and bottom-line results to one fixated on risk taking and creativity.
Immelt is convinced that the company’s future lies in creating a culture that fosters blockbuster ideas and world-class marketing. “It’s a different era,” he explained to BusinessWeek (March 28, 2005).
GE has jettisoned its past taboo on hiring outsiders for its top management ranks and stopped the merry-go-round of promotions and relocations for top managers. Immelt now wants managers to stay put and become experts in their industries, not just experts in management. The ferment may unsettle some, but Immelt is upbeat. At a gathering of top GE executives in January, he declared that “there’s never been a better day, a better time, or a better place to be than at GE!”
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