185 - Jeff Immelt - Author of Hot Seat, Former CEO of GE & Venture Partner at NEA
The Kara Goldin Show
“Let's face it, not everybody either understands your context or cares about the company versus themselves. As a leader, you've got to filter those things out.” Want to know what goes on behind-the-scenes when leading a Fortune 50 company? Today’s guest Jeff Imlet, former CEO of General Electric and now Venture Partner at NEA, shares amazing stories and lessons from his career. From taking over GE days before 9/11 to leading and pushing innovation, something GE’s DNA wasn’t accustomed to. We also talk about navigating through crises and building the right teams. And finally, Jeff is the Author of the new book Hot Seat: What I Learned Leading a Great American Company. This episode is a treasure trove of lessons for entrepreneurs and leaders looking for guidance and inspiration! Catch it on the #TheKaraGoldinShow. Show notes at https://karagoldin.com/podcasts/185 Enjoying this episode of #TheKaraGoldinShow? Let Kara know by clicking on the link below and sending her a quick shout-out on social! Follow Kara on IG: https://www.instagram.com/karagoldin/ Follow Kara on Linkedin: https://www.linkedin.com/in/karagoldin Follow Kara on Twitter: https://twitter.com/karagoldin Follow Kara on Facebook: https://www.facebook.com/KaraGoldin/ Mentioned in the Episode: LinkedIn: https://www.linkedin.com/in/jeffimmelt/ Twitter: https://twitter.com/JeffImmelt Book: https://www.amazon.com/Hot-Seat-Learned-Leading-American/dp/1982114711
Former General Electric CEO Jeff Immelt looks back on his two decades with the company and the strategies he used to lead during three separate crises. In this episode Immelt discusses what happened during those events and why, what it was like to take over for GM icon Jack Welch, getting the information you need to make decisions, activist investors, fighting complexity, the mismatched timelines between CEOs and shareholders, unions, and so much more. Immelt is currently a venture partner at New Enterprise Associates and a lecturer in management at the Stanford University Graduate School of Business. He served as the Chairman and CEO of GE from 2001-17, and is the author of the 2021 memoir Hot Seat: What I Learned Leading a Great American Company. Go Premium: Members get early access, ad-free episodes, hand-edited transcripts, searchable transcripts, member only episodes, and more. https://fs.blog/knowledge-project-premium/ Every Sunday our newsletter shares timeless insights and ideas that you can use at work and home. Add it to your inbox: https://fs.blog/newsletter/ Follow Shane on twitter at: https://twitter.com/ShaneAParrish
20VC: Jeff Immelt on Leadership Lessons from 16 Years as CEO @ GE, Incumbent Innovation; Why Some Have Failed and Other Succeeded, When Boards Have A Positive vs Negative Impact on a Company & The One Fear Startup Founders Are Allowed To Have
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Jeff Immelt is a Venture Partner @ NEA serving on both the technology and healthcare investing teams. Prior to entering the world of venture, Jeff served as chairman and CEO of GE for 16 years where he revamped the company’s strategy, re-established market leadership and quadrupled emerging market revenue. As a result, Jeff has been named one of the “World’s Best CEOs” three times by Barron’s. In addition, Jeff is on the board of Sila Nanotechnologies and Twilio. In Today’s Episode with Jeff Immelt You Will Learn: 1.) How did it feel when Jeff was told he was going to be CEO at GE? How did that come about? Did he feel the weight of responsibility when it was announced? 2.) When it comes to incumbents embracing innovation, what strategies work? Why do they work? What lessons does Jeff take from his time at GE on what worked? What strategies do not work? What are the biggest mistakes large incumbents make when adopting new products or strategies? What advice does Jeff continuously tell large company CEOs who ask this question? 3.) When does Jeff believe boards can be fundamentally impactful? In what circumstances do boards actually cause harm? What are the signs of the truly great board members? What are the causes of why board members can be misaligned with their founders? How should founders approach whether to listen or not to their board? 4.) How does Jeff think about trust in teams? Does he start fully trusting and it is their to be lost or start not trusting and it is their to be gained? What people do you want around you in a crisis? What are the signals of these people? What does Jeff mean when he speaks of "crisis accelerants and crisis absorbers"? 5.) How does David think about fear in leadership? What is the one thing that leaders are allowed to be afraid of? How do the best founders approach their relationship to paranoia? How do the best communicate their fears to their team?
Jeff Immelt, Former GE CEO - Globalization, Crisis Leadership, & 16 Years as CEO
Wharton FinTech Podcast
Ryan Zauk sits down with world-renowned former GE CEO Jeff Immelt. Fresh off the release of his book, "Hot Seat: What I Learned Leading a Great American Company," Jeff comes on to discuss his career and legacy, as well as numerous topics ranging from China/US Relations to new fintech trends.Jeff joined GE after graduating from Harvard Business School and worked there for the next 35 (with 16 as CEO). Following the iconic tenure of Jack Welch, Jeff had a rocky road as CEO, losing billions in market cap and weathering numerous crises. Jeff has received merciless criticism from academics, execs, pundits, and more over the last decade, and has finally decided to share his side of the story. Ryan & Jeff touch on it in today's episode, but we highly recommend picking up Hot Seat as your summer read:Book Links: https://www.simonandschuster.com/books/Hot-Seat/Jeff-Immelt/9781982114718 https://www.amazon.com/Hot-Seat-Learned-Leading-American/dp/1982114711Episode Breakdown:4:25 His journey to the top of GE7:50 The one thing Jack Welch did better than anyone10:04 Why now was the right time to publish "Hot Seat" and what he learned13:57 His thoughts on his legacy20:24 His first day of work...September 10, 200124:46 His thoughts on globalization27:40 China / US Relations and his advice for President Biden33:23 GE Capital 101 and Fintech Trends He's Watching41:56 His new role as a Venture Partner at NEA44:37 A great rapid-fire round covering his exec dream team, his thoughts on 30 Rock, best business books, and more!50:01 Why he has a tattoo of the GE logoJeff Immelt is a Venture Partner at New Enterprise Associates (NEA), a global venture capital and private equity firm. He is the author of HOT SEAT, a memoir of leadership in times of crisis.Prior to joining NEA in 2018, Jeff was the 9th Chairman of GE and served as CEO for 16 years. He has been named one of the “World’s Best CEOs” three times by Barron’s. During his tenure as CEO, GE was named “America’s Most Admired Company” by Fortune magazine and one of “The World’s Most Respected Companies” in polls by Barron’s and the Financial Times. He has received fifteen honorary degrees and numerous awards for business leadership and chaired the President’s Council on Jobs and Competitiveness under the Obama administration.Jeff has a B.A. degree in applied mathematics from Dartmouth College and an M.B.A. from Harvard University. He is a member of The American Academy of Arts & Sciences.--For more FinTech insights, follow us below:Medium: medium.com/wharton-fintechWFT Twitter: twitter.com/whartonfintechRyan's Twitter: twitter.com/RyanZaukLinkedIn: www.linkedin.com/company/wharton-fintech-club/
In this week’s Reagan Forum podcast we go back to April 19, 2021, for our virtual event with former GE CEO Jeff Immelt for a conversation on his latest book, Hot Seat: What I learned leading a great American company. Jeff Immelt served as Chairman and CEO of GE for 16 years where he revamped the company’s strategy, global footprint, workforce, and culture. During his tenure, he led several innovative transformations that doubled industrial earnings, reshaped the portfolio, re-established market leadership, and quadrupled emerging market revenue. He is currently a Venture Partner at New Enterprise Associates and he has been named one of the World’s Best CEOs three times by Barrons.
Cal wonders if there are patterns from the aftermath of 9/11 and The Great Recession that could help us move forward from COVID. There are few people who were more deeply involved in those crises as GE’s CEO at the time — Jeff Immelt. Jeff took the reins of GE only a few days before 9/11, was at the center of the struggle through The Great Recession, and now, after his departure from the company, he gives us a look at what may happen to healthcare going forward. But most of all, this conversation gives us all insights on how to think in times of crisis.
699 - Masterclass on How to be The CEO with Jeff Immelt
The James Altucher Show
How to be a good CEO? How do you judge someone's success? How to build a relationship? How does a work-relationship would affect a company? In this episode, I talked to Jeff Immelt, the former CEO of General Electic, arguably one of the largest companies, on to talk about his new book, Hot Seat: What I Learned Leading a Great American Company. We also talked about his journey, how he became the CEO, and also a couple of strategic decisions that GE made, or did not make. My new book Skip The Line is out! Make sure you get a copy wherever you get your new book! Join You Should Run For President 2.0 Facebook Group, and we discuss why should run for president. I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter FacebookSee omnystudio.com/listener for privacy information.
408: Jeff Immelt - How To Follow A Legend & Lead Through A Crisis (Former CEO of GE)
The Learning Leader Show With Ryan Hawk
Text LEARNERS to 44222 for more... Full show notes at www.LearningLeader.com Twitter/IG: @RyanHawk12 https://twitter.com/RyanHawk12 Jeff Immelt served as CEO of GE for 16 years. He has been named one of the “World’s Best CEOs” three times by Barron’s. During his tenure as CEO, GE was named “America’s Most Admired Company” by Fortune magazine and one of “The World’s Most Respected Companies” in polls by Barron’s and the Financial Times. Notes: Raised in Cincinnati, OH by his father Joe and mother Donna. Both of his parents grew up in the depression. Growing up Jeff said, “I remember when my dad had a great boss, he was motivated, and when he had a lousy boss, he was neither challenged nor happy. The worst kind of boss he always used to say, was one who criticized all day long but never offered solutions.” GE was founded on April 15, 1892, by one of the greatest inventors in history, Thomas Edison. For most of the 20th century, GE had more patents than any other corporation. Jack Welch, deemphasized technology and innovation, and instead focused on management techniques like six sigma. Six Sigma is a data-driven methodology invented by a Motorola engineer named Bill Smith in 1980. It trains managers to be experts (called Black Belts) in improving business processes to reduce product defects. Jeff's first day as CEO of GE was September 10, 2001. On his first day, he introduced himself, via simulcast, to GE’s 300,000 employees. His second day as CEO was 9/11/2001. "Good leaders absorb fear. They give people a plan. You have to hold two thoughts at the same time." By the end of his first week as CEO, GE’s shares had dropped 20%, decreasing the company’s market capitalization by $80 billion. Leaders learn everyday — “I’ve always believed an important determinant of success could be found in how one answered 3 questions: How fast can you learn? How much can you take? What will you give to those around to you?” The trifecta: “In your career, you meet only a handful of leaders who have the trifecta of being able to innovate, execute, and develop talent. Omar Ishrak had that." Jeff was the ultimate grinder, a true believer of GE, he got the “meatball” (the GE logo) tattooed on the left hip. The GE story is extremely personal for Jeff. Why the "Success Theater" story about Jeff is wrong. "For seven years, 10 times per year, I had a leader from GE flown to my house with their spouse. We'd serve them dinner and then I'd spend 6+ hours with the leader asking them questions, learning about them, and saying, 'Tell me something I don't know.'" What Jeff learned from playing football in college at Dartmouth: "When the best player is not caring about the team, nobody will get in line." The story of Harry Wilson (Russell Wilson's father, Jeff's teammate in college) and Reggie Williams. "Football teams are self policing. It's a series of peer relationships. Failure is not definitive. You have to always think about the next play." "The best people get 100% of the work done in 80% of the time. That leaves them more time to push boundaries." How did Jeff get picked to be Jack Welch's successor? "I was a good peer. Your peers are who promote you. Those relationships have to be earned." What was a Jack Welch Quarterly Business Review like? "Jack was a screamer. He was spontaneous. He would like at page 7 and then jump to page 17 and ask questions." Front line obsession - "You have to have a passion for understanding how people work." Front line managers - "I told them they are more important than me. That have direct access to the customer." The profession of sales: why it's noble Amazing sense of urgency - Never waste a minute or let it pass See the company through the customers eyes - "The salesforce sets the culture... I was persistent, dogged..." Good leaders are systems thinkers: Keep your head up and stay engaged at the same time Read books, ask question... "You must be curious." Sustain excellence: Must be a learner. "Fred Smith (CEO of FedEX) is my leadership hero." Heart broken over GE: "You can still progress as a human being even when you have a broken heart. You have to keep trying. Even when the efforts don't seem to be working for you." "There's value in a human being in just keep moving. Don't hide. Don't disappear." When you are on top, it is easy to be long on friends. When you hit bottom, there are a select few who reach out. For me, those standouts included American Express’s Ken Chenault, Delta Airlines' Richard Anderson, and especially Cisco’s John Chambers. Apply to be part of my Leadership Circle
Not so long ago, G.E. was the most valuable company in the world, a conglomerate that included everything from light bulbs and jet engines to financial services and The Apprentice. Now it’s selling off body parts to survive. What does the C.E.O. who presided over the decline have to say for himself?