I missed this story a number of days about Common Electrical’s former CEO Jeff Immelt, who all the time spouted the get together line about local weather change and the “renewable vitality” racket:
For a lot of Jeff Immelt’s 16-year run atop one of many world’s largest conglomerates, an empty enterprise jet adopted his GE-owned aircraft on some journeys to locations all over the world, based on individuals conversant in the matter. The 2 jets typically parked far aside so that they wouldn’t entice consideration, and flight crews had been instructed to not brazenly talk about the empty aircraft, the individuals mentioned.
The second aircraft was a spare in case Mr. Immelt’s jet had mechanical issues. A GE spokeswoman mentioned that “two planes had been used on restricted events for business-critical or safety functions.” Mr. Immelt didn’t reply to requests for remark.
GE’s new CEO John Flannery is chopping out this nonsense. Maybe it might need made sense if Immelt delivered stellar returns for GE shareholders, however GE has been one of many worst performing blue chip shares of the final 15 years. Actually the worth of GE inventory fell by half throughout Immelt’s 15 years as CEO, and is down 25 % simply this 12 months alone.
Common Electrical (GE), sometimes called a inventory for widows and orphans due to the regular and beneficiant dividend, is coming full circle and never in a optimistic method.
Wall Avenue analysts are pounding the drum warning that its dividend, yielding four.15%, might get slashed as CEO John Flannery, who took over in August, appears to be like to chop prices. As a result of GE is the third-largest owned inventory amongst institutional traders, based on our companions on the WSJ Market Knowledge Group, that might influence many Individuals both by way of their 401(ok) or plain vanilla index funds.