ECONOMISTS PREDICTED 845,000
CLAIMS, JOE.
>> HIS NEW BOOK LET’S BRING IN
RIGHT NOW CEO OF GE, FORMER CEO,
JEFF IMMELT, AUTHOR OF "HOT
SEAT, WHAT I LEARNED WHILE
LEADING A GREAT AMERICAN
COMPANY," JEFF, ALWAYS GREAT TO
TALK TO YOU.
>> GOOD TO SEE YOU.
>> I’VE ALWAYS THOUGHT ABOUT
YOUR TENURE IN GE, AND EVEN
BEFORE THIS BOOK CAME OUT I WAS
ALWAYS REMINDED OF A HARRY
TRUMAN QUOTE WHEN HE WAS ASKED
ABOUT ANDREW JOHNSON, THE GUY
WHO HAD TO FOLLOW ABRAHAM
LINCOLN, HE SAID HEROES KNOW
WHEN THEY NEED TOO DIE.
MOST OF THEM THINK HE’S TALKING
ABOUT FDR AS MUCH AS LINCOLN.
HE HAD TO FOLLOW FDR, I’VE
ALWAYS THOUGHT ABOUT YOUR
TENURE, YOU GOT INTO THE HOT
SEAT AT A TIME WHEN JACK WELCH,
GOD BLESS HIM, BUT WHEN HE LEFT
THAT COMPANY AND I’M JUST GOING
TO SAY IT, A FEW PEOPLE DO, IT
WASN’T A VERY DEFINED COMPANY.
JACK BOUGHT WHAT HE WANTED TO
BUY.
HE WAS LIKE, YOU KNOW, MASTER OF
ALL THINGS, AND HE SAW.
AND IT WAS -- LET’S JUST SAY
THAT YOU HAD AN ECLECTIC
COLLECTION OF PRODUCTS TO SELL
WHEN YOU GOT INTO THAT HOT SEAT.
HOW DIFFICULT WAS THAT?
HOW MUCH OF A CHALLENGE WAS THAT
TO FIGURE OUT EXACTLY WHAT GE
WAS SUPPOSED TO BE?
>> YOU KNOW, JOE, JACK WAS A
GREAT CEO.
BUT THE TIMES WERE JUST SO
DIFFERENT.
GOING INTO THIS CENTURY WITH THE
VOLATILITY AND JUST THE NATURE
OF THE WORLD.
AND WHAT I TRIED TO DO IN THIS
BOOK IS JUST ADD SOME CONTEXT TO
A COMP RATELICATED GE STORY AT A
COMPLICATED TIME, TOO DO IT ON
BEHALF OF THE PEOPLE THAT LIVED
IT WITH ME TO TALK VERY FRANKLY
ABOUT THE GOOD AND THE BAD AND
HOPEFULLY PEOPLE CAN LEARN
LESSONS FROM THE EXPERIENCES WE
HAD.
BUT I HAVE GREAT REVERENCE FOR
JACK.
BUT THE ERA WAS JUST SO
DIFFERENT AND THE COMPANY NEEDED
TO CHANGE.
>> WHAT WAS THE -- YOU TOOK OVER
RIGHT BEFORE 9/11.
>> RIGHT.
>> SO WHAT WAS YOUR REACTION,
HOW DID YOU REACT, WHAT DO YOU
TALK ABOUT IN THIS BOOK ABOUT
HOW QUICKLY YOU HAD TO REACT TO
A WORLD CHANGING EVENT, AN EARTH
SHATTERING EVENT, WHAT SORT OF
MANAGERIAL TIPS DO YOU HAVE FOR
OTHERS?
>> JOE, I TALK ABOUT BOTH 9/11,
THE FINANCIAL CRISIS, AND EVEN
COVID TODAY.
I THINK IN A CRISIS LEADERS
ABSORB FEAR, THAT THEY SHOW
PEOPLE A PATH, BUT THEY TRY NOT
TO SCARE THEM.
THAW MAKE DECISIONS IN A CROWDED
ROOM, THAT THEY DON’T WORRY
ABOUT BEING SECOND GUESSED.
THE COMMUNICATOR IN CHIEF.
BUT MOST IMPORTANTLY THEY HAVE A
FLEXIBLE POINT OF VIEW.
EVEN IF YOU THINK ABOUT COVID
YOU KNOW YOU’VE HAD TO
CONSTANTLY CHANGE YOUR MIND.
AND I THINK ALL THOSE THINGS, I
TALK ABOUT IT IN THE BOOK, BOTH
WITH 9/11, BUT PARTICULARLY THE
FINANCIAL CRISIS, WHICH WAS ALSO
EXTREMELY DIFFICULT FOR GE.
>> HEY, JEFF, IT’S WILLIE, GOOD
TO SEE YOU AGAIN,
CONGRATULATIONS ON THE BOOK.
>> GOOD TO SEE YOU, THANKS.
>> I’M NOT SURE EVERYONE
APPRECIATES THE JOB OF BEING THE
CEO OF GE WHERE YOU HAVE TO
WORRY ABOUT JET IN GENERAL
BEGINS AND THE RATINGS OF
THURSDAY NIGHT NBC.
VAST PORTFOLIO.
HOW DID YOU APPROACH THE JOB
WHEN YOU CAME IN ON SEPTEMBER
10th, 2001 AND HOW DID IT CHANGE
OVER 16 YEARS?
>> YOU KNOW, WILLIE, I WOULD SAY
THAT IN THE BEGINNING, AND
THROUGHOUT TIME YOU JUST HAD
GREAT PEOPLE.
IT WASN’T LIKE I WALKED IN THE
ROOM, THE SCRIPT STINKS, WE NEED TO WRITE BETTER.
TO WRITE BETTER.
BUT I NEEDED JEFF ZUKER, AND
IT’S REALLY ABOUT PEOPLE.