Massachusetts and the city of Boston coaxed international conglomerate General Electric with over $140 million in grants and tax incentives. It worked. GE brings international recognition, hundreds of jobs and millions in potential tax revenue. But the company is not without its own internal challenges. Despite over $100 billion in annual revenues, the company's stock prices are stagnant and it is in the process of rehashing major portions of its business structure and financial holdings. And today, the company's long-time CEO is stepping down.
Jeff Immelt led the company for 16 years where he oversaw the sale of many of key aspects of commercial manufacturing and the media giant NBC. Immelt made a point over the years to reinvent the company as a tech powerhouse, integrating smart technology into GE's mechanical manufacturing sectors. But under Immelt's guidance the company failed to deliver the financial returns sought after from investors. Now he's handing over the reins to Jack Flannery — a 30-year veteran of the company.
Flannery is poised to install confidence back to GE's stake holders. He has experience in mergers and acquisitions, growing the company's healthcare and financial arms and pledges to view the company through the eyes of investors.
Shirley Leung, WGBH contributor and a business columnist for the Boston Globe, speaks with Morning Edition's Bob Seay to discuss what legacy Immelt leaves behind and what challenges lay ahead for his successor.
To listen to Shirley Leung's entire interview with Bob Seay, click on the audio player above.