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G.E. to Spin Off Health Care Division as Part of Major Reshaping
Keywords: Ge, General Electric, Conglomerate,
General Electric, GE, experienced a steep decline in the last decade. The worst news came in 2018 with the loss of half its share price and market value. One story tells about an employee who was forced out of retirement back to work seeing the loss of value in GE shares in 2018. Rarely has a company of this size seen a fall in stock price this steep, for a stock that was once seen as safe for widows.
About 60% of GE business comes from jet engines, electric power generators and wind turbines. GE now plans to sell its health care business and other business that do not relate to core infrastructure in energy, aerospace, and other markets.
Under Jack Welch a faulty model of adding diverse businesses that had nothing to do with its core business and expertise in infrastructure were added. A home mortgage lending business was added and GE Capital expanded. NBC Universal was added with little justification in a period when CEO's acted without much consultation. The home mortgage lending unit collapsed with large losses during the 2008 financial crisis and GE's share price dropped drastically to $6.00.
Under Welch's successor Mr. Immelt the GE Capital unit was shrunk in size, but losses continued to mount. An oil field service unit was added which also sustained losses. Immelt's successor Flannery faced a loss of $15 billion from the financial lending unit. Sale of some businesses was not sufficient to meet the loss. Flannery is now taking GE out of all the businesses which were not core business. The NBC Universal television business was sold to Comcast in 2013. GE Healthcare is next. This closes a bad chapter in GE's story under Welch and Immelt. GE's dividend was cut for the second time since the Great Depression.
The story of GE is also the story of American business during the last two decades, with icons such as GM, Ford and GE suffering decline, businesses that operated like little fiefdoms of old nobility in Europe, with CEO's operating in a CEO centric culture, not tolerating contrary opinion for informed debate on issues facing the business.
Alfred Sloan founder of Genral Motors called constructive debate central to good management. Later Intel CEO Andy Grove coined the phrase constructive confrontation as a way of constructive debate, and the CEO was shown as the first of equals. The CEO centric management ignored these warnings and admonitions in running their fiefdoms.
GE Healthcare (General Electric)
03/04/2010
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The Ka-Ching in China Luring Medical Giants
BusinessWeek 03/04/2010
GE and Siemens: Less May Mean More (Profits)
BusinessWeek 04/14/2011
Wall Street Journal 09/06/2011
A Waiting Game at Finance Unit
Wall Street Journal 09/06/2011
Tea-Party Attacks Put GE on Defense
Wall Street Journal 10/10/2011
Wall Street Journal 12/14/2011
GE (General Electric) in the global financial crisis of 2008 with its share price down to $6.00 and overexpansion at GE Capital
03/07/2009
Grouped Articles
New York Times 03/07/2009
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
GE Weighs Deeper Cuts in Banking Arm
Wall Street Journal 03/13/2015
Investor Group to Buy GE Capital’s Australia, New Zealand Consumer-Lending Unit
Wall Street Journal 03/16/2015
GE CEO Notes Banking Arm’s Weak Returns
Wall Street Journal 03/17/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
GE (General Electric) strategies
03/07/2012
Grouped Articles
Wall Street Journal 08/30/2013
GE to Exit Retail Lending, Tightening Focus on Industrial Businesses
Wall Street Journal 11/17/2013
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
GE in Talks Over Selling Its Business in Appliances
New York Times 08/14/2014
GE Moves Further Away From Consumers With Sale of Appliances Unit
Wall Street Journal 09/09/2014
GE's (General Electric) wind turbine business
10/21/2011
Grouped Articles
GE Hits Headwinds From Wind Turbines
Wall Street Journal 10/21/2011
A Capital Time for a Fresh Look at GE
Wall Street Journal 04/20/2012
GE Shake-Up Will Audition New Leaders
Wall Street Journal 07/22/2012
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric) performance
10/21/2011
Grouped Articles
GE to Exit Retail Lending, Tightening Focus on Industrial Businesses
Wall Street Journal 11/17/2013
GE's Immelt Still Trying to Restore Power
Wall Street Journal 01/17/2014
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
GE Moves Further Away From Consumers With Sale of Appliances Unit
Wall Street Journal 09/09/2014
Robust Demand for Industrial Equipment Lifts General Electric’s Profit 11%
New York Times 10/17/2014
GE (General Electric) sale of its private equity lending unit to Canada Pension Plan Investment Board for $12 billion in 2015
06/09/2015
The sale includes Antares Capital.
Grouped Articles
G.E. to Sell Buyout Financing Business for $12 Billion
New York Times 06/09/2015
Wall Street Journal 04/01/2016
Under Immelt, GE Was the Worst Performer in the Dow
WSJ 06/12/2017
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric) share price and financial performance
09/09/2014
Grouped Articles
GE Moves Further Away From Consumers With Sale of Appliances Unit
Wall Street Journal 09/09/2014
Robust Demand for Industrial Equipment Lifts General Electric’s Profit 11%
New York Times 10/17/2014
GE’s Oil and Gas Gambit Falters
Wall Street Journal 12/16/2014
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
General Electric Reports Strong Growth in Industrial Businesses
New York Times 04/17/2015
John Flannery, new CEO of General Electric (GE) in 2017
06/12/2017
Grouped Articles
Meet the New CEO of General Electric: John Flannery
WSJ 06/12/2017
Under Immelt, GE Was the Worst Performer in the Dow
WSJ 06/12/2017
For G.E.’s John Flannery, It Was a 30-Year Trip to the Top
The New York Times 06/13/2017
A Stagnant General Electric Will Replace the C.E.O. Who Transformed It
The New York Times 06/12/2017
GE Plans Wind Turbine Nearly Three Times as Tall as Statue of Liberty
WSJ 03/01/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric), AIG, and Citigroup bonds in the 2008 financial crisis- March 2009
04/25/2014
Grouped Articles
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
WSJ 05/03/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric) mining equipment business
09/25/2012
Grouped Articles
GE’s Oil and Gas Gambit Falters
Wall Street Journal 12/16/2014
General Electric Reports Strong Growth in Industrial Businesses
New York Times 04/17/2015
At Trade Show, Makers of Mining Equipment Push Cost-Savings
Wall Street Journal 09/25/2012
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE's (General Electric) transfer of advanced aviation electronics technology to China
01/17/2011
The transfer of advanced technology from the Dreamliner 787 cockpit electronics to China in a new joint venture GE has in China.
Grouped Articles
China Crackdown Set to Benefit GE
Wall Street Journal 12/29/2014
G.E. to Share Jet Technology With China in New Joint Venture
New York Times 01/17/2011
U.S. Shifts Focus to Press China for Access to Markets
New York Times 01/18/2011
U.S. Shifts Focus to Press China for Access to Markets
New York Times 01/18/2011
Wall Street Journal 01/26/2011
U.S. Firms, China Are Locked in Major War Over Technology
Wall Street Journal 02/02/2011
WSJ editorial on GE (General Electric) decision to exit the banking business in 2015
04/13/2015
Grouped Articles
Wall Street Journal 04/13/2015
Under Immelt, GE Was the Worst Performer in the Dow
WSJ 06/12/2017
GE Plans Wind Turbine Nearly Three Times as Tall as Statue of Liberty
WSJ 03/01/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
Jack Welch of General Electric
06/27/2018
Grouped Articles
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE’s Plan Rests on Promises and Some Sleight of Hand
WSJ 06/26/2018
Skepticism about the appointment of Jeffrey Immelt of GE (General Electric) to head the President's Council on Jobs
04/02/2009
Immelt was appointed to head the President's Council on Jobs and Competitiveness in January 2011. A review of blogs following the appointment by Harshaw of the New York Times showed skepticism considering the role GE is playing in transfer of jobs and technology to China, negligible corporate taxes paid by GE, GE's need for bailout funds of $16 billion for its finance unit, and the lack a position for removal of distortions in trade practiced by other trading partners including China.
Grouped Articles
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
New York Times 01/21/2011
Volcker Out, Immelt in On Economic Board
New York Times 01/21/2011
New York Times 01/23/2011
Wall Street Journal 01/26/2011
Comparative Advantage and American Jobs
Wall Street Journal 01/26/2011
GE (General Electric) financial services operations
08/30/2013
Grouped Articles
Wall Street Journal 08/30/2013
GE to Exit Retail Lending, Tightening Focus on Industrial Businesses
Wall Street Journal 11/17/2013
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
Under Immelt, GE Was the Worst Performer in the Dow
WSJ 06/12/2017
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric) sale of Appliances division in 2014
08/14/2014
Grouped Articles
GE in Talks Over Selling Its Business in Appliances
New York Times 08/14/2014
GE Moves Further Away From Consumers With Sale of Appliances Unit
Wall Street Journal 09/09/2014
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE (General Electric) performance
10/21/2011
Grouped Articles
GE to Exit Retail Lending, Tightening Focus on Industrial Businesses
Wall Street Journal 11/17/2013
GE's Immelt Still Trying to Restore Power
Wall Street Journal 01/17/2014
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
GE Moves Further Away From Consumers With Sale of Appliances Unit
Wall Street Journal 09/09/2014
Robust Demand for Industrial Equipment Lifts General Electric’s Profit 11%
New York Times 10/17/2014
GE (General Electric) plans for GE Capital in 2015- getting out of the banking business
03/13/2015
GE CEO said Immelt said following GE's experience in the banking business during the 2008 financial crisis when its share price dropped to $6, that this is one he "had'nt got right." Moves in 2014 and 2015 including the acquisition of Alstom's business was designed to bring his legacy at General Electric to end on the right note, as one who focussed on GE's historic strengths, and getting out of banking.
Grouped Articles
GE Weighs Deeper Cuts in Banking Arm
Wall Street Journal 03/13/2015
Investor Group to Buy GE Capital’s Australia, New Zealand Consumer-Lending Unit
Wall Street Journal 03/16/2015
GE CEO Notes Banking Arm’s Weak Returns
Wall Street Journal 03/17/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
Do-It-All Era Ending as G.E. Returns to Core
New York Times 04/10/2015
The Lessons for Finance in the GE Capital Retreat
New York Times 04/10/2015
GE (General Electric) plans to sell the GE Capital unit for Australia and New Zealand to private equity for $6.3 billion
03/16/2015
Grouped Articles
Investor Group to Buy GE Capital’s Australia, New Zealand Consumer-Lending Unit
Wall Street Journal 03/16/2015
GE CEO Notes Banking Arm’s Weak Returns
Wall Street Journal 03/17/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
Do-It-All Era Ending as G.E. Returns to Core
New York Times 04/10/2015
The Lessons for Finance in the GE Capital Retreat
New York Times 04/10/2015
Wall Street Journal 04/13/2015
GE (General Electric) plans to acquire Alstom's energy business to reduce dependence on GE Capital for earnings
04/25/2014
Shareholders are pressuring GE to reduce its dependence on GE Capital for earnings since the days of the 2008 financial crisis. The move to acquire Alstom's energy unit helps GE accomplish this.
Grouped Articles
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
France's Hollande Meets With GE, Siemens Chiefs About Alstom
Wall Street Journal 04/28/2014
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
GE Heads to Paris to Save Alstom Deal
Wall Street Journal 05/16/2014
GE-Alstom Deal: French Fear Losing Control of Nuclear Assets
Wall Street Journal 06/14/2014
France Lifts Hurdle to GE-Alstom Deal
Wall Street Journal 06/24/2014
GE (General Electric) acquisitions
12/21/2012
Grouped Articles
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
GE’s Oil and Gas Gambit Falters
Wall Street Journal 12/16/2014
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
General Electric to Buy Avio for $4.3 Billion
New York Times 12/21/2012
GE Plans Wind Turbine Nearly Three Times as Tall as Statue of Liberty
WSJ 03/01/2018
GE's (General Electric) natural gas turbine business
09/15/2011
Grouped Articles
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
GE’s Oil and Gas Gambit Falters
Wall Street Journal 12/16/2014
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
General Electric Reports Strong Growth in Industrial Businesses
New York Times 04/17/2015
GE Says Gas-Turbine Orders Jump
Wall Street Journal 09/15/2011
Tea-Party Attacks Put GE on Defense
Wall Street Journal 10/10/2011
GE (General Electric) management
01/17/2013
Grouped Articles
Stakes High for GE's Immelt in Alstom Fray
Wall Street Journal 04/28/2014
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
General Electric: Still a Bank
Wall Street Journal 01/18/2013
GE Gets Penalized for a Capital Business
Wall Street Journal 01/17/2013
GE Plans Wind Turbine Nearly Three Times as Tall as Statue of Liberty
WSJ 03/01/2018
GE (General Electric) tax rate on industrial business profits back up to 20% without the tax breaks from GE Capital
04/14/2015
Without the tax breaks from GE Capital- which come from using lower tax jurisdiction countries and overseas business- GE's tax rate will now be the rate for other industrial business companies in the U.S. On the day the decision was announced for exiting the banking business GE shares were up 11%, showing that shareholders value the stability of the industrial businesses and the quality of management above the uncertainty generated by volatile earnings from GE Capital. GE shares once considered safe- before the use of GE Capital to generate higher returns- declined to $6 during the financial crisis of 2008, requiring government rescue of GE Capital.
Grouped Articles
Price of Selling GE Capital? Tax Breaks
Wall Street Journal 04/14/2015
General Electric: Banking on de-banking
Economist 04/18/2015
Wall Street Journal 04/01/2016
GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
WSJ 05/03/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
Jeffrey Immelt, CEO of GE (General Electric)
03/03/2015
Grouped Articles
Jeff Immelt’s Overhaul of GE Impeded by Falling Oil Prices
Wall Street Journal 03/03/2015
Wall Street Journal 04/13/2015
Jeff Immelt to Step Down as CEO of GE; John Flannery Takes Role
WSJ 06/12/2017
Under Immelt, GE Was the Worst Performer in the Dow
WSJ 06/12/2017
A Stagnant General Electric Will Replace the C.E.O. Who Transformed It
The New York Times 06/12/2017
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
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