5/5/13 Jeffrey R. Immelt - Wikipedia, the free encyclopedia

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Jeffrey Immelt

Chairperson of the President’s Council on Jobs

and Competitiveness

In office

February 23, 2011 – January 31, 2013

President Barack Obama

Preceded by Paul Volcker (President's Economic

Recovery Advisory Board)

Succeeded by Position abolished

Personal details

Born February 19, 1956

Cincinnati, Ohio, U.S.

Political

party

Republican

Spouse(s) Andrea Immelt

Children Sarah

Alma mater Dartmouth College

Harvard University

Jeffrey R. ImmeltFrom Wikipedia, the free encyclopedia

Jeffrey Robert "Jeff" Immelt (born February 19, 1956)is an American business executive. He is currently thechairman of the board and chief executive officer of the U.S.-based conglomerate General Electric. He was selected byGE's Board of Directors in 2000 to replace Jack Welchfollowing his retirement. Previously, Immelt had headed upGE's Medical Systems division (now known as GEHealthcare) as its President and CEO.

Contents

1 Life and career

1.1 Obama administration1.2 Compensation

1.3 Commencement addresses

2 Further reading

3 References

4 External links

Life and career

Immelt was born in Cincinnati, Ohio, the son of DonnaRosemary (née Wallace), a school teacher, and JosephFrancis Immelt, who managed the General Electric Aircraft

Engines Division.[1][2] Immelt attended Finneytown HighSchool; he played football in college and was an offensive

tackle.[3] He holds an B.A. in Applied Mathematics fromDartmouth College where he currently serves on the board of

trustees[4] and was president of his fraternity, Phi DeltaAlpha. Immelt also received an M.B.A. from HarvardBusiness School. He has been with GE since 1982 and is onthe board of two non-profit organizations, one of which is theRobin Hood Foundation, a charitable organization whichattempts to alleviate problems caused by poverty in New

York City.[5] He served as Chairman of The Business Council in 2005 and 2006.[6]

His tenure as chairman and CEO started off on a low note - he took over the role on September 7, 2001,[7] justfour days before the terrorist attacks on the United States, which killed two employees and cost GE's insurancebusiness $600 million, as well as having a direct effect on the company's Aircraft Engines sector. Immelt has a totalfive year compensation of $53.82 million, an income which ranked sixth among executives employed by US-based

5/5/13 Jeffrey R. Immelt - Wikipedia, the free encyclopedia

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Immelt at U.S. Climate Action Partnership

event in 2007

conglomerates. [8] Immelt was named to Time magazine's 100 most influential people in the world in 2009.[9] Sincetaking over, GE's stock has dropped nearly 60%. General Electric has closed more than 31 plants since 2008 and

let go of more than 19,000 employees, but Immelt still took home $15.2 million in 2011.[10] Recently, Immelt hasbeen criticized by Fox News Channel's Bill O'Reilly for business transactions between GE and Iran, the country

which has reportedly been attacking U.S. forces in Iraq.[11] O'Reilly went as far as to say, "If my child were killed

in Iraq, I would blame the likes of Jeffrey Immelt".[12] GE's website claims that the company stopped doing

business in Iran in 2005 (and finished all contracts by 2008).[13] In a May 2012 column in Forbes magazine, AdamHartung listed Immelt as the fourth worst CEO of a large publicly traded American company, saying he had "novision to propel GE’s growth, and should have been gone by 2010," after GE's stock dropped from $60 in 2000 to

$19 in 2012 (2/3 from when Immelt took the CEO position).[14]

According to documents filed with the Federal Elections Commission, Immelt lives with his wife Andrea in NewCanaan, Connecticut.

Obama administration

In February 2009, Immelt was appointed as a member to the President's Economic Recovery Advisory Board to

provide the president and his administration with advice and counsel in fixing America's economic downturn.[15]

When President Obama chose to put Jeffrey Immelt at the head of the Economic Advisory Board, he felt thatImmelt had attributions in knowing what would help the global economy. Obama has reported that Immelt has

emerged as one of his top economic advisors in regards to trying to rebuild America's economy.[16]

On January 21, 2011, President Obama announced Immelt's appointment as chairman of his outside panel of

economic advisers, succeeding former Federal Reserve chairman Paul Volcker.[17] The New York Times reportedthat Obama's appointment of Immelt was "another strong signal that he intends to make the White House more

business-friendly."[17] Immelt will retain his post at GE while becoming "chairman of the Council on Jobs and

Competitiveness, a newly named panel that President Obama is creating by executive order."[17] Despite this, inJuly 2011 Immelt's General Electric announced that it is in the process of relocating its X-ray division from

Wisconsin to China.[18][19] Immelt had previously referred to China as GE's "second home market".[18]

Compensation

As CEO of General Electric in 2007, Immelt earned a totalcompensation of $14,209,267, which included a base salary of$3,300,000, a cash bonus of $5,800,000, stocks granted of

$4,713,000, and options granted of $0.[20] In 2008, he earned atotal compensation of $5,717,469, which included a base salary of$3,300,000, stocks granted of $2,044,650, and other

compensation of $372,819. He waived his bonus in 2008.[21] In2009, Immelt earned a total compensation of $5,487,155, whichincluded a base salary of $3,300,000, a cash bonus of $0, stocksgranted of $1,791,000, and options granted of $0, and other

income of $396,155.[22] In 2010, Immelt's compensation nearlydoubled to $15.2 million. He did not receive any bonus for almost 2years, but in February, he received $4 million for his work in

2010.[23]

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Commencement addresses

After becoming chairman of GE, Immelt delivered his first commencement address to the 2001 graduating class ofthe Thayer School of Engineering at Dartmouth College, of which he is an alumnus. He gave the college

commencement address and received an honorary Doctor of Laws from Dartmouth, in June 2004.[24] In the yearsthat followed, Immelt gave the commencement address at Northeastern University (2006), Pepperdine Universityon April 29, 2006, the Georgia Institute of Technology on May 5, 2007, the University of Notre Dame on May 20,2007, Worcester Polytechnic Institute on May 17, 2008, and Michigan State University on December 11, 2010,receiving honorary doctorates from all six as well. He was the commencement speaker on May 23, 2010, atHamilton College and on May 24, 2010, at Boston College. He addressed the undergraduate class of 2011 of theUniversity of Maryland, Baltimore County on May 23, 2011, and received an honorary Doctor of Public Service[25] degree despite controversy at the school[26] over GE's corporate tax strategies.[27]In May 2013, he will deliverthe commencement address at the University of Connecticut Graduate School. He will receive an honorary

doctorate as well. [28]

Further reading

David Magee, 2009, Jeff Immelt and the New GE Way: Innovation, Transformation, and Winning in

the 21st Century, McGraw-Hill Professional. ISBN 978-0-07-160587-8The Immelt Revolution, businessweek, 2005(http://www.businessweek.com/magazine/content/05_13/b3926088_mz056.htm)

References

1. ^ http://www.encyclopedia.com/doc/1G2-3448500266.html

2. ^ Byrum Keller, Valerie (1974). Immel and Imel families in America: twigs and branches of the Immel family tree.Schlechter's. p. 25.

3. ^ "GE's Jeff Immelt: how the US can win (15:00)" (http://www.reuters.com/video/2011/11/04/soros-greeks-would-be-ill-advised-to-lea?videoId=223718261&videoChannel=4301&refresh=true). Reuters.

4. ^ "Board expands with appointment of five new members"(http://thedartmouth.com/2008/09/06/news/boardupdate). The Dartmouth News Releases. Retrieved 2008-09-06.

5. ^ Business Week (http://investing.businessweek.com/research/stocks/people/person.asp?personId=177075&ticker=GE:US)

6. ^ The Business Council, Official website, Background(http://www.thebusinesscouncil.org/about/background.aspx)

7. ^ "GE Management" (http://www.ge.com/company/leadership/index.html). Retrieved September 7, 2012. Text "GE Executives - Leadership" ignored (help)

8. ^ Forbes. "#145 Jeffrey R. Immelt" (http://www.forbes.com/lists/2011/12/ceo-compensation-11_Jeffrey-R-Immelt_67G5.html.). Retrieved February 29, 2012.

9. ^ "The 2010 Time 100" (http://www.time.com/time/time100/). Time. Retrieved May 6, 2010.

10. ^ Chatterjee, Pratap. "CEOs rewarded most for raising unemployment"(http://www.guardian.co.uk/commentisfree/cifamerica/2011/sep/02/ceos-pay-us-unemployment). The Guardian.Retrieved February 29, 2012.

11. ^ "How Iran Is Killing U.S. Troops in Iraq" (http://pajamasmedia.com/blog/how-iran-is-killing-us-troops-in-iraq/).Pajamas Media. Retrieved 2009-04-24.

12. ^ Kurtz, Howard (May 19, 2008). "Feud Fuels Bill O'Reilly's Blasts at GE" (http://www.washingtonpost.com/wp-dyn/content/article/2008/05/18/AR2008051802313.html). The Washington Post.

5/5/13 Jeffrey R. Immelt - Wikipedia, the free encyclopedia

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13. ^ "GE's Iran Policy" (http://www.ge.com/news/our_viewpoints/iran.html). ge.com. Retrieved 2009-04-27.

14. ^ Hartung, Adam. "Oops! Five CEOs Who Should Have Already Been Fired (Cisco, GE, WalMart, Sears,Microsoft)" (http://www.forbes.com/sites/adamhartung/2012/05/12/oops-5-ceos-that-should-have-already-been-fired-cisco-ge-walmart-sears-microsoft/2/). Forbes Magazine. Retrieved 28 June 2012.

15. ^ "Los Angeles Times article Who's Who on new economic advisory board"(http://latimesblogs.latimes.com/money_co/2009/02/economic-recove.html). latimes.com. February 6, 2009.Retrieved 2009-02-05.

16. ^ Goldman, Juliana and Rachel Layne. "Obama Asks GE's Immelt to Head Economic Advisory Panel, ReplacingVolcker" (http://www.bloomberg.com/news/2011-01-21/obama-taps-ge-s-immelt-for-economy-panel-replace-volcker.html.). Retrieved February 25, 2012.

17. ̂a b c Stolberg, Cheryl and O'Connor, Anahad (2011-01-21) Obama Sends Pro-Business Signal With AdviserChoice (http://www.nytimes.com/2011/01/22/business/economy/22obama.html?_r=1&hpw), New York Times

18. ̂a b Burkitt, Laurie (July 26, 2011). "GE Bases X-Ray Unit in China"(http://online.wsj.com/article/SB10001424053111904772304576467873321597208.html). The Wall Street Journal.

19. ^ http://www.snopes.com/politics/business/ge.asp

20. ^ 2007 CEO Compensation for Jeffrey R. Immelt(http://www.equilar.com/CEO_Compensation/General_Electric_Jeffrey_R._Immelt.php) , Equilar

21. ^ 2008 Bonus, incentive waiver by GE (http://topnews.us/content/23690-bonus-incentive-waiver-ge) , TopNewsUS

22. ^ 2009 CEO Compensation for Jeffrey R. Immelt(http://www.equilar.com/CEO_Compensation/General_Electric_Jeffrey_R._Immelt.php) , Equilar

23. ^ Press, Associated. "GE CEO Jeffrey Immelt saw compensation jump to $15.2 million"(http://www.cleveland.com/business/index.ssf/2011/03/ge_ceo_jeffrey_immelt_saw_comp.html.). RetrievedFebruary 29, 2012.

24. ^ "Dartmouth Commencement 2004" (http://www.dartmouth.edu/~news/releases/2004/06/13i.html). DartmouthNews Releases. Retrieved 2007-08-16.

25. ^ "UMBC Spring 2011 Commencement Ceremonies" (http://www.umbc.edu/NewsEvents/Commencement/).Retrieved 2011-05-18.

26. ^ Ignacio & Paul (3 May 2011). "Students outraged over choice of commencement speakers"(http://www.retrieverweekly.com/?cmd=displaystory&story_id=6768&format=html). The Retriever Weekly.Retrieved 18 May 2011.

27. ^ Kocieniewski, David (24 March 2011). "G.E.’s Strategies Let It Avoid Taxes Altogether"(http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1). The New York Times. Retrieved 18May 2011.

28. ^ "UConn to Hold Multiple Graduation Ceremonies in May" (http://today.uconn.edu/blog/2013/04/uconn-to-hold-multiple-graduation-ceremonies-in-may).

External links

General Electric (http://www.ge.com/company/leadership/ceo.html), Executive Bio and PhotoSeptember 2009 speech by Immelt regarding GE Healthcare (http://www.gehealthcare.com/promo/immelt/)

Leading Questions: GE's Jeff Immelt (http://news.bbc.co.uk/2/hi/business/8168078.stm), Interview with

BBC Business

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Business positions

Preceded by

Jack WelchChairman and CEO of General Electric

2001–presentIncumbent

Political offices

Preceded by

Paul Volckeras Chairperson of the President's

Economic Recovery Advisory Board

Chairperson of the President’s Council

on Jobs and Competitiveness2011–2013

Position abolished

Retrieved from "http://en.wikipedia.org/w/index.php?title=Jeffrey_R._Immelt&oldid=553186882"

Categories: 1956 births American chief executives Dartmouth College alumni General Electric people

Harvard Business School alumni Living people Obama Administration personnel

People from Cincinnati, Ohio People from Fairfield County, Connecticut

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