I want to be reflective about it, says Immelt, who now lectures at Stanford University s Graduate School of Business. I don t want to hide.
In 2001, Immelt, who had previously held executive positions at GE for 19 years, was picked to succeed Jack Welch, one of the most famous CEOs in U.S. history. Under Welch, GE s market value soared from $14 billion to more than $410 billion.
Immelt s run wasn t so fruitful.
He took the helm on Sept. 7, 2001, four days before 9/11. The impact of the terrorist attacks battered several of GE s businesses, causing shares to plunge 20%, Immelt writes in Hot Seat. Seven years later, the 2008 financial crisis hit GE s financial services division, GE Capital, which nearly collapsed.