General
Electric , founded by Thomas Edison, JP Morgan etc., was an iconic American
Company that survived three centuries (founded on 1892).
Market
Capitalization as on December 08,2017 stood at USD 153 billion ( Jeffery Immelt
retired on October 2017) down from USD 387 billion (September 07,2001 Jeffery
Immelt CEO joining date).
It
is understandable he performed as a CEO during a period dominated by Technology
Stocks, credit crisis.
However,
one thing that came out recently about Jeffery Immelt was
unbelievable.
According
to Wall Street Journal "General Electric Co. executives didn’t
notify the company’s board until this month about its regular flying of a spare
business jet for its CEO, and it didn’t tell directors that GE had received an
internal complaint about the practice several years ago, according to people
familiar with the matter."
In
short if Jeffery Immelt was flying in a business jet, a spare empty business
jet (i.e. extra aircraft) was flying next to it.
Unbelievable.
The
best thing GE can do is recover the entire amount for flying the empty business
jet from his Full and Final Settlement.
Horror,
GE Board was kept in dark about spare jet.
Lesson
for me stop blaming Board of Directors in Indian Companies.
References:
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