Hot Seat Epilogue
Jeff Immelt
Venture Partner, New Enterprise Associates (NEA); Chairman & CEO, GE, 2001 - 2017
A year ago, I published a book, “Hot Seat,” about my time leading GE. The paperback version came out this month.
I wrote “Hot Seat” for two reasons: I wanted to add context and truth to a complicated GE story; and, I believed our team could offer a few lessons about leadership in the face of volatility and criticism. For generations, GE built great products, lead its industries, partnered with customers around the world, and produced leaders. And, in the last era, we did all this through periods of crisis and revolutionary change.
This was a tough book to write, and an even tougher one to launch. As I expected, some in the media were quite negative. New York Times reporter David Gelles (who is writing a book about Jack Welch called “The Man Who Destroyed Capitalism”) titled his review, “Jeff Immelt Oversaw the Downfall of G.E. Now He’d Like You to Read His Book.” Wow, how do you survive that endorsement? The day the book launched I was grilled on CNBC…not many compliments there either.?
Fortunately, my target audience – the GE community and other business executives – were a little more appreciative. And, during the COVID crisis, people were more willing to read a story about persevering through tough times. I heard from hundreds of former colleagues, customers, investors, and other leaders on their journeys. People appreciated the transparency, the lessons, and the truth.
Some colleagues told me that, at first, they didn’t want me to write the book…but ultimately were glad I did. They felt "Hot Seat" struck the right tone and balance…stories of leadership in turbulent times…the good and the bad. They felt the book spoke to the GE they knew…one driven by integrity and purpose…and would be appreciated by those in search of the truth. They were happy that the book took on the critics of GE culture…that this was a company where people were open and honest with each other, while committing to solve problems together.?
I heard from CEOs…many former colleagues…who identified with the phrase, “every job looks easy until you are the one doing it.” They enjoyed the perspectives on crisis leadership, the ups and downs. I heard from many people, throughout the business community, who appreciated stories about globalization, digitization, culture…for their own leadership journey. GE had a lot of “friends.”?
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There were also critics. Some felt the book inadequately described how we thought about the stock price and why it lagged the market. A few gravitated to the stories about Jack, who remains a fascination even now…they equally divided between “too critical” and too “fair.” Several wanted more details about why my succession plan didn’t work. I read all comments, even those that hurt.
After a year of reflection, this is what I learned. Defending yourself…being defensive…is selfish. Failing to defend your team in the face of distortions is cowardice. In crisis, leaders must solve problems while holding the team together. You are accountable for the decisions and the narrative.
A lot has changed in the business world in the last year. There is more geopolitical risk, and China relations are at an all-time low. Investors have turned on tech and clean energy stocks. Activists have boarded new companies. Record sums are being invested in startups and private equity. Talented people are changing jobs at a record pace or leaving the workplace entirely. It has never been tougher to be a leader. Hopefully the crisis lessons from "Hot Seat" have a place today.?
GE has entered a new chapter. Like other conglomerates, the company has announced a split up. This is not the company I knew but was not a surprise. We cheer for the success of the new companies. All have a foundation of good products and people. They all had an institutional bias to lead and win in their markets and with their customers around the world. Let’s see where they go next.
I hope some of you buy "Hot Seat" and read it in paperback. I wasn’t perfect; I know I let some people down. But I worked with great people who deserve to be judged truthfully…who worked with purpose. Former GE people are leading successful businesses because they gained significant maturity and expertise through their experience at GE. I hope you learn from their story of perseverance and commitment.
Project Manager di PT Pupuk Indonesia (Persero)
6 个月Many pro's and con's but I got the perfection from your confession of imperfection. I have a dream and still learn to be a great leader like you.
Experienced Compliance and Supervisory financial services Professional. Chartered Financial Analyst (CFA) and FINRA Series 7, 24, 63, 87/86 and SIE licensed.
1 年Did you check the news today? Looks like Larry Culp's getting done what you couldnt. Maybe you could be his intern and then write a book worth writing.
Top Voice in AI | CIO at TetraNoodle | Proven & Personalized Business Growth With AI | AI keynote speaker | 4x patents in AI/ML | 2x author | Travel lover ??
2 年Fantastic book! I will add this book to my reading list. I'm sure it will be worth it. Thanks a bunch for this recommendation.
Delivering Innovation Through Applied Artificial Intelligence Solutions and Ecosystems // Veteran
2 年Amazing! I don't doubt that this will be a good read. Leadership is indeed one of the most technical ships to sail and we could all do with encouragement when on the right path and advice when we go the wrong way. Criticism is all part of the growth process and that is exactly what you have shown us. Thanks for sharing!
Director of Finance | CPA, MBA, Manufacturing
2 年Outstanding book with numerous lessons. Thanks Jeff.