GE's Jeffrey Immelt Says "No Thanks" to $12 Million and Bonus

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I agree makes me sad knowing this once fine company is in such decline due to very very poor managemnt at the very top

spencer of MO 10:45AM May 08, 2013

I believe What else needs to be said Immelt melted GE to the Ground. He alone is responsible for loss of retirees income and the destruction of a once great company.
$17:58 a share June 24th, 2011. I believe Immelt and his board of non directors are a disgrace. Although I made a mistake and voted for Obama I believe " The Anointed One" is responsible for the sad economic and decline the United States is in today. I will not make the same mistake again.

Harvey Glotz of PA 6:39PM June 26, 2011

Immelt gave up $12 million because he wants to continue to fool shareholders. Every shareholder should look at GE and ask why are they still holding onto Union Fidelity Life Insurance (UFLIC)and Heritage Life (HLIC)and Heritage Casualty Insurance (HCIC) when they spun the other insurance companies off as Genworth Financial bcause they were the thorn in Immelts side (that is how he put it in a Fortune article). I will tell you why-the company booked a lot of false entries on these companies that can be hidden in GE financials but can't be hidden in Genworth Financials. That tells you all you need to know about the way GE keeps its books. I know because I was an accountant at GE that was belittled and berated by bosses for not wanting to book more bad entries that hid problems. The company is as dirty as they get and they make employees go out on team building excercises that amount to nothing more than discussing your sex life with your boss so he can then hold it over you going forward. This is the GE culture that Jack Welch built. If you complain about discussing your sex life with the boss, people like Dawn Metz in the Human Resources Department will make sure you get fired without the blink of an eye. GE is Discrimination at Work. GE is Harasssment at Work. GE is Faslification of Records at Work. GE is disgusting leadership at work.
What should we do with a company that books false entries, we should jail the CEO and leadership starting with Jamie Miller who knew of the false entries because I told her when she was Controller at GE Financial Assurance.

Discrimination atWORK of CO 12:13AM February 01, 2011

I recently took an early retirement after a 28 year exempt career with GE Aircraft Engines. I still call it "Aircraft Engines" because it was their best times. I am angry and even bitter at just how badly GE has maintained their Evendale manufacturing facility.
They have put very little money into the infrastructure of the facility. Yes, they built a nice looking Learning Center in the Bldg. 500 parking lot ...... and tied it into the WWII rust belt factory sitting in the background.
Senior Management cut the facilities operations and maintenance budget every year since the mid- 1990's. They can't even keep paint on the fuel tanks, the outside air and steam lines, and other critical infrastructure equipment.
They do not get it. The problem began with the advent of the Six Sigma program which limited most career paths to that of a Black Belt Role. Six Sigma has it's place, but not everywhere. The black belt role is limited to 18 months. Persons in those roles are focused on one thing - to hit their short term project savings goal and then to move on.
This resulted in many nearsighted and short term decisions in the areas of Plant Utilities and Facilities Maintenance. Critical spare parts have been depleted. Much of the equipment, such as boilers, pumps, and water softening equipment are well beyond their intended life cycles.
They are running the physical plant into absolute ruin. It will not be recoverable unless they immediately take action.

Dave bullock of OH 9:42AM October 23, 2009

Our GE SS Profile refrigerator with freezer on the bottom is only 1 !/2 years old. We've already had to have a service call on the "board" in the back of the refrigerator. Now for the past week, there has been another issue... a very loud noise coming from the icemaker. When my husband called the 800 number out of Atlanta for scheduling service, he was denied service. Then he asked to talk to the manager. He told the manager the ice maker was making a very loud continuous noise and was again denied service because...it was still producing "some" ice cubes. The refrigerator was over $2,000 and we bought the extended warranty...but no service.
Later in the day, my husband told me to schedule service on line...which I did. The tech, Nick, came this morning and replaced the whole inside of the ice maker because there was a piece that had broken off. Nick is the best person GE has for trouble shooting. Too bad you don't let people schedule their service calls through the techs...they're the ones who are better able to figure out if it warrants a service call or not!!!
Our friends on Friday and Sat. evenings asked what that clunking sound was...it was that loud and continuous!
By hiring a company to reject service calls is poor business/service and it doesn't speak well for the company!

Joni Lindgren of IL 11:57AM May 12, 2009

First I'd like to express my disappointment about GE products. I have had GE answering machines and cordless phones. They stopped working in less than a year, whereas other brands (such as Sony, AT&T, etc.) would keep working for years. I currently have a GE cordless phone, I have to shake it or keeping clicking on and off many times to get it to work (the battery is good).
On 02/11/09, I sent a brand new GE digital answering machine, Model #29871 to Thomson, Inc. in El Paso, TX for replacement. It did not take incoming messages, and it was a brand-new machine. I want to ask GE to not make cheap products that break or don't work. Why would you want to do that to ruin your long established reputation? You have these cheap products made overseas, and the middlemen take away all your profits. By the time the end users, the consumers, buy them, they get a piece of junk or lemon.
Believe me, I want GE to succeed, for I own GE stocks. This is the reason I'm writing to you to voice my disappointment in your products. At the same time, I want to encourage you to make better products to restore consumer confidence. You used to make good products, but not anymore. But you can shape up and rebuild, for your reputation and balance sheet are on the line.
I'm waiting for Thomson, Inc. to return to me a good GE digital answering machine. It cost me $10 to mail it on the $20 product. But I did it for a principle. GE management probably figures that consumers would discard the piece of junk, for it would not be worth it to pay 50% of the cost of the product to ship it to Thomson, Inc. I recently ran into a couple of rip-off reports about Thomson, Inc. Thomson, Inc. did not return goods to consumers or attempt to contact them after having received their defective products. If this happens to me, I will have no choice but to turn to public agencies for help.
Sincerely,
Linda

Linda of CA 3:04PM March 05, 2009

I believe in GE. But, I must add...a 53 year old CEO with degrees from Harvard and Dartmouth..just learned how to buy an Amtrak ticket? Ask Warren Buffet and Charlie Munger if they are so detached as to not know how to accomplish that small a task that my 11 year old can handle.
The elitism so prevalent on Wall Street contributes to the debacle we now face. And Mr. Immelt, I trust your company..I hope you are the shepherd who will lead your flock out of these depths. Start with the common sense angle..and when you are at your next colleague meeting..share some logic and reality with your elitist albeit bright friends.
Clearly, the world has too many Jamie Dimons and way too few Charlie Mungers.
Wendy Jorgensen

Wendy Jorgensen Tarvin of NJ 7:46PM February 21, 2009

Mr. Immelt has not shown leadership; he has shown followship - as has his board. a bunch of corporate pirates that have not improved the performance one bit since Immelt took over. and why do the institutionals not push back on this company??? makes one madoff (wonder). at least Immelt showed the briefest glimpse that his butt is on the line by not accepting a bonus and/or performance award. too little too late. with the most recent round of layoffs focusing on numbers versus performance, maybe his (and more of the redundant mgmt) should have been cut to save more of the rank and file positions, imho. shareholders have been hamstrung by institutionals on this company for years - have they finally put the screws on immelt? there are certainly more competent leaders for this firm than the current bunch. retirees and future retirees need to push harder for this ouster.

J Bradley of NH 11:16AM February 18, 2009

It is not enough. Immelt is responsible for the sole meltdown of GE. He is responsible for the lost of employee retirement holdings and all other financial losses due to his jackass schemes. But he had help from The Board of Non Directors. Beat the drums, blow the horns loud and louder IMMELT MUST GO. IMMELT MUST GO.

harvey glotz of PA 11:09AM February 18, 2009

Window Dressing or not, letting GE keep $12 million of his contractualy earned money is a generous gesture and shows that Immelt is empathetic toward shareholders and thier personal losses.

jr of DC 11:02AM February 18, 2009