Some thoughts on Jeff Immelt’s new book

I don’t often post here, but I’ve become aware of some surprising and inaccurate statements about me and the GE Power & Water team that my former colleague Jeff Immelt apparently included in his new book, and I feel compelled to respond. 

I was very lucky to have worked alongside an innovative and dedicated team that had a significant customer focus and consistently delivered amongst the top profits of all GE businesses. GE Power & Water’s achievements on behalf of GE included building a leading Wind business that delivered over a 6X return on the original investment, and now serves as the foundation for GE’s Renewables business. We also grew a successful Distributed Power business that was later sold for a gain, turned around the Water business, which resulted in a nearly $2B gain for GE Corporate, and maintained the #1 market position in gas power globally over a decade by developing the most efficient gas turbines in the world.

The Alstom deal played a major role in this part of GE’s history. Clearly it did not play out as we all intended, but I have always owned my role in that deal and been content to let the actual record speak for itself.  That’s what leaders do.

Having said that, the Alstom deal expanded our power technology and service customer base and also spawned the multi-billion dollar offshore wind business and broader grid business, which are now a vital part of GE. And while GE Power & Water played a significant role in the acquisition, the integration of Alstom and the final negotiation around sale price was led by GE corporate since it included multiple GE divisions. 

When the Alstom Power & Grid deal was announced, it was projected to generate $1.2B in cost synergies across GE by the end of the fifth year.  Our team at GE Power & Water played a rather significant role in helping GE reach this goal very early by generating more than $1B in synergies in year one.

While no deal is ever perfect, I remain proud of the GE Power & Water team and its record executing in a tough and ever-changing environment. I was honored to be considered a candidate to become the CEO of GE. I only have respect for the company and its process, and will leave it at that.

My 24 years at GE, including as CEO of GE Power & Water between 2012 and 2017, will remain atop my professional highlights. Many of the leaders that I helped develop are in senior positions today at GE or in leadership positions with other successful companies. 

I wish the whole team and company nothing but the best.