WSJ: Immelt's 'success theater' masked rot at GE [Seeking Alpha]
GE Aerospace (GE)
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Source: Seeking Alpha
WSJ: Immelt's 'success theater' masked rot at GEJeff Immelt often was overly optimistic in how he ran General Electric (NYSE:GE), according to aWSJ report that cited more than a dozen insiders as saying his unwillingness to hear bad news led to serious consequences at the company.GE’s precipitous fall was exacerbated, some insiders say, by what they call “success theater" - a culture of confidence that did not match reality and trickled down the ranks and even affected how those gunning to succeed Immelt ran their business units, with consequences that included unreachable financial targets, mistimed bets on markets and sometimes poor decisions on how to deploy cash.Even GE’s board did not realize the depth of problems in GE's Power division until months after directors had replaced Immelt, and investigations are under way inside the company, including at the board level, seeking to determine how it all happened, according to the report.Click to subscribe to real-time analytics on GEN
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- General Electric (NYSE: GE) had its price target raised by analysts at Bank of America Co. from $165.00 to $180.00. They now have a "buy" rating on the stock.MarketBeat
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- General Electric (NYSE: GE) had its price target raised by analysts at Royal Bank of Canada from $165.00 to $175.00. They now have an "outperform" rating on the stock.MarketBeat
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- 4/23/24 - Beat
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- 4/15/24 - Form 3
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