GE CEO Parries Critics —Including Predecessor

Despite missing earnings forecasts, Immelt says he'll stay the course

By Jim O'Neill, Newser User

Posted Apr 17, 2008 1:23 PM CDT

(Newser) – General Electric CEO Jeffrey Immelt faced the music yesterday, as his predecessor, Jack Welch, raked him over the coals on his own cable TV network for missing first-quarter earnings forecasts. Immelt admitted GE “let people down” in downgrading its outlook for 2008, the Wall Street Journal reports. But he said he won’t change the direction he’s set for the company, or cave to demand he split it up.

Welch defended Immelt's strategy—"I truly believe this nonsense about breaking up GE and Immelt's in trouble is crazy"—but not before saying Immelt has a "credibility problem" and that he screwed up by making a promise he broke just weeks later. Since taking over six years ago, Immelt has shed underperforming businesses—and executives—but said he won’t be forced to accelerate his pace.

Jeffrey Immelt, Chairman and CEO of GE, speaks at the company's healthcare summit in this May 15, 2007 file photo. (AP Photo/Mark Lennihan, file)

Business Leaders Attend Fortune Global Forum In Washington (Getty Images)

Jeffrey Immelt, Chairman and CEO of General Electric Co., speaks at the company's healthcare summit in New York in this May 15, 2007 file photo. (AP Photo/Mark Lennihan, File)

Jeffrey R. Immelt, chairman and CEO of General Electric, addresses the delegates at the 20th World Energy Congress & Exhibition in Rome, Wednesday, Nov. 14, 2007. (AP Photo/Pier Paolo Cito)

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GE CEO Parries Critics —Including Predecessor

Despite missing earnings forecasts, Immelt says he'll stay the course

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GE Q4 Profit Climbs 15%; Stock Rebounds

Globalization, weak dollar drive growth; stock price jumps

GE Hiring Thousands of US Veterans

Firm to invest $580K in aviation plants amid effort to reboot economy

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

Apple Profit Shoots Up 125%

...and that's without any new product launches

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GE CEO Parries Critics —Including Predecessor

Despite missing earnings forecasts, Immelt says he'll stay the course

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OTHER STORIES ON OUR RADAR

General Electric • earnings reports • corporate earnings • Jeffrey Immelt • credit market chaos • Jack Welch

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

GE Q4 Profit Climbs 15%; Stock Rebounds

Globalization, weak dollar drive growth; stock price jumps

GE Hiring Thousands of US Veterans

Firm to invest $580K in aviation plants amid effort to reboot economy

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

Apple Profit Shoots Up 125%

...and that's without any new product launches

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?