Immelt's GE Years: The Reshaping Of a Conglomerate -- WSJ

By Ali Stratton Features Dow Jones Newswires

Jeff Immelt became chairman and CEO of General Electric Co., one of the world's largest corporate conglomerates, in 2001. On Monday, the company said he would retire as CEO in August.

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Here is a rundown of some of his accomplishments and the changes that occurred at GE under his leadership:

Sept. 7, 2001: Mr. Immelt becomes GE's chairman and CEO.

October 2001: GE and Honeywell International Inc. terminate merger agreement, after European regulators blocked GE's $40 billion acquisition.

October 2003: Agrees to buy U.K. medical company Amersham for about $10 billion.

May 2004: GE spins off stake in Genworth Financial, its life and mortgage insurance business, in an IPO.

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November 2005: Agrees to sell most of its insurance business to Swiss Re for $6.8 billion.

May 2007: Sells its plastics division for $11.6 billion.

October 2008: Turns to Warren Buffett for $3 billion investment amid financial crisis.

February 2009: Mr. Immelt forgoes 2008 bonus of $12 million, and the shares hit a closing low of $6.66 the next month.

January 2011: President Barack Obama names Mr. Immelt as his jobs czar.

February 2013: GE sells its 49% stake in NBCUniversal to Comcast Corp. for $16.7 billion.

April 2014: Strikes deal to buy Alstom SA's power and grid businesses, its biggest ever industrial deal.

April 2015: Mr. Immelt decides to sell off most of the GE Capital lending businesses.

October 2015: Activist investor Trian Fund Management discloses it had taken a stake in GE, saying it is undervalued but supports Mr. Immelt.

January 2016: GE sells appliance business for $5.4 billion to Chinese appliance rival Haier Group.

January 2016: Mr. Immelt announces plans to move GE's headquarters from Fairfield, Conn., to Boston.

October 2016: GE reaches deal to combine oil and gas business with Baker Hughes Inc., a move to create a publicly traded energy powerhouse that generates more than $32 billion in annual revenue.

June 2017: GE says it is exploring potential sale of its century-old lighting business.

June 2017: Mr. Immelt says he will step aside Aug. 1 and retire as chairman on Dec. 31.

(END) Dow Jones Newswires

June 13, 2017 02:47 ET (06:47 GMT)