22 Aug 2016
The Future of GE
CEO Jeffrey Immelt on the storied company’s next chapterTopics:
Photo by Keith Bedford/The Boston Globe
General Electric, now 124 years old, is looking to the future, CEO Jeff Immelt (MBA 1982) recently told Vanity Fair.
When Immelt took the helm of GE in 2001, it was a diverse conglomerate. Now, Immelt said, “we’ve exited almost all of financial services. We’ve exited media. We’ve exited all the consumer businesses we were in. We’ve exited plastics and things like that. In the last 15 years, we’re one of the few leadership teams in history that’s sold $100 billion in businesses and bought $100 billion worth of businesses.”
This new GE is building an industrial “internet of things,” harnessing advances in data collection and analysis to, for example, improve jet engine performance and fuel efficiency.
“Everybody who joins G.E. is going to learn to code,” Immelt said. “We hire 4,000 to 5,000 college grads every year, and whether they join in finance or I.T. or marketing, they’re going to code.”
Class of MBA 1982, Section A