Early next year, he'll take charge of a 450,000-employee company expected to earn $176 billion in 2001. He'll be making TV shows, jet engines and washing machines, at least by proxy. He'll head one of the world's largest corporations and will be one of the most powerful businesspeople in America.
And he's a graduate of Dartmouth.
Meet Jeffrey Immelt '78, General Electric's next Chief Executive Officer.
Teams and people
In conversation, the 44-year-old Immelt -- whose selection as CEO was announced at the end of last November -- is affable and relaxed, expressing quiet but deeply felt excitement about taking the reins of a company he joined about 20 years ago.
"It's just thrilling. I feel like I have the best job on earth," he told The Dartmouth during an interview last Friday.
General Electric manufactures everything from locomotives to light bulbs to medical equipment, while GE Capital is a major provider of financial services. The corporation also owns the NBC network.
For Immelt -- who was most recently the head of GE Medical Systems, often called GEMS --the "best job on earth" seems to be one where he can work as closely as possible with as many people as possible, which makes sense for a man who is, by all accounts, a team player.
He was a team player, too, when he played football for Dartmouth, not as an autocratic quarterback, but instead as an offensive lineman, a position where cooperation is of the utmost importance.
"It all ends up being about the people you work with," Immelt said, a sentiment he repeated several times and one that would be equally plausible coming from a varsity football player or a prominent businessman.
And despite the fact that "to the outside world or maybe to a student, a company like GE might look like a big, faceless company," Immelt seems to feel that the conglomerate is just the right place for him -- "a place where people can live their dreams."
Ohio to Ivy
Immelt came to Dartmouth from a middle-class background in Cincinnati, Ohio, where his father worked most of his life at GE Aircraft Engines plant.
Sports were a big part of the young Immelt's life, not only at Dartmouth but also in high school, where the 6'4" teenager was enough of a stand-out student-athlete to gain admission to Dartmouth.
At Dartmouth, Immelt was a double major in math and economics as well as a four-year member of the football team.
"I loved playing sports," Immelt said, remembering fall football season as one of his favorite times of year. "Nobody took it too seriously, but the football was a nice weekend."
Immelt was also a member of Phi Delta Alpha fraternity and served as its president.
Phi Delt was "crazy and fun" when he was at school, Immelt said. He explained his decision to join that particular house by saying, "I liked a party or two in those days, and the guys seemed to have a pretty good time."
But despite all of his commitments and obligations -- he was also a member of the Dragon senior society and the vice-president of the Inter-Fraternity Council -- Immelt said he did not really have trouble balancing his academics, extracurriculars and his social life.
"I always found there was enough time to do the thing you need to do as long as you were pretty well-disciplined," Immelt said. Such an ability to arrange his time effectively would certainly prove useful in the years to come.
Dear old Dartmouth
Immelt was unstinting in his praise for his alma mater, where his learning experiences took place not only in math and economics lectures but also on the Green, in the fraternity house and on the practice field.
"I feel like I owe the College a great deal," Immelt said. "I could never give as much back as I got."
Immelt credited three groups of people for making his experience at Dartmouth educational -- his professors, coaches and friends -- for helping an 18-year-old "who had some great dreams" turn his goals into realities.
"I really would have to thank my teachers the most," he said, noting in particular former College President and professor of math and computer science John Kemeny, for whom Immelt worked as grader at one point.
"I think that what I got out of Dartmouth was the best balance between a desire to get the most out of myself and the need to have great friends ... a good balance between social life and friendships and academics," Immelt said.
The CEO-elect also attributed some of his skill in working with people to his time at the College, especially the teamwork he encountered playing Big Green football.
"I think my job is 95 percent about people. It's about picking great people and communicating ... and those are some of the things I learned at Dartmouth," he explained.
But while Immelt has remained interested in College affairs -- and in fact asked for an update on the ongoing investigation into the murders of Half and Susanne Zantop -- he said that he is not upset by changes that have occurred since he graduated.
Immelt said he understands the need to make changes, such as those that have and will take place in connection with the Student Life Initiative.
"I personally think that good alumni recognize that each generation has to do thing in its own way," he said, explaining why he understands the need for College projects such as the Student Life Initiative.
"I'm a totally loyal alumnus which means I give money no matter what," he added with a chuckle.
Immelt also did not seem particularly upset with last year's de-recognition of his fraternity.
"I absolutely had a tremendous time at Phi Delt, and I had great friends and I loved every second of it. But the College has changed and the needs of the students have changed, and I'm not close to it anymore."
After the granite
When he graduated from the College, which he said he doesn't miss because, "I live in the future," Immelt said he did not know exactly where he was going with his life. He certainly was not expecting to rise to lead one of the largest corporations in the world.
Even as he left Dartmouth, Immelt said he was unsure about what he was going to do with his life, noting,"I never really had any kind of master plan."
Immelt initially worked at Proctor and Gamble for a few years after he earned his Dartmouth diploma before returning to academe to earn his MBA from Harvard University.
From there he went to straight to GE, becoming a project manager in the company's Plastics division. "I wanted to work for a company that was in technology, and GE had a great reputation," Immelt said, explaining his reasons for choosing General Electric.
Initially, Immelt intended to stay at General Electric for only three or four years before moving on to bigger and better things. He moved on to bigger and better things, but he never left GE.
"I just always loved what I was doing," Immelt said. "I've always had great jobs and I've really enjoyed the people I've worked with."
Over the years, Immelt has transferred between several of GE's divisions and offices. After starting at the corporate offices, he moved to GE Appliances, then back to Plastics before being named the President of GEMS in 1997.
But last November, after almost 20 years of transfers from one corporate office to another, Immelt learned that he was being promoted back to the "home office" -- this time for good.
Coronation
The process that GE's board employed to choose a replacement for the departing CEO, the legendary Jack Welch, was an exhaustive one, lasting more than six years.
Candidates from outside the company were never considered for the job. Instead, since 1994, the careers of those -- including Immelt -- under consideration have been shaped by the selection process.
In the end, the short list of candidates included Immelt, Robert Nardelli, the then-president and CEO of GE Power Systems and James McNerney, the then-head of GE Aircraft Engines.
Neither the Board of Directors nor Welch have commented on the specifics of why Immelt received the nod. All three were universally acclaimed as leaders and, while many predicted Immelt's selection, the qualifications of McNerney and Nardelli were widely recognized.
In fact, all three were so qualified that Nardelli and McNerney -- who, according to the rather mysterious etiquette of the business world, quickly left GE after being passed over -- were almost instantly drafted as the new CEOs of Home Depot and 3M, respectively.
Immelt's age might have something to do with his selection. When he takes the GE helm, he'll be 45, the same age Welch was when he took over. That means Immelt could easily serve for the next 20 years, something that worked well for Welch.
Surprisingly, considering how closely watched the search was, no leaks emerged prior to the announcement that Immelt would succeed Welch.
Immelt hinted that the last few years have been quite stressful for both him and his family since it became relatively common knowledge that he was being considered for the top spot.
While Immelt said that he was "elated and honored" when Welch informed him that he would be the next CEO of General Electric on the day after Thanksgiving, he also said there was a measure of relief, both for himself and for his family.
Projecting the confidence appropriate to a captain of industry, though, Immelt said he was not surprised by the decision of the Board of Directors. "I think it's been a pretty natural progression."
After Welch notified Immelt of the Board's decision by phone, Immelt and his family flew down to join Welch in Florida for an impromptu celebration. In order to avoid notice, the meal was catered in Welch's home.
"We've been friends for a long time, so it was just a celebration more than anything else," Immelt said.
It must have been quite a celebration. Immelt said that it was "not quite like a frat party," but close. He even admitted that the party got "a little rowdy."
At a press conference the next Monday, Immelt's selection was officially released. By chance -- or so they say, at least -- Welch and Immelt appeared looking like father and son, in nearly identical navy blazers, blue shirts open at the neck, gray slacks and tasseled loafers.
Whether it was calculated or not, the image presented was one of continuity, something very much to the liking of GE investors who want to see the continued prosperity of just the sort they have enjoyed over the last few years.
But it also unintentionally emphasized the fact that Immelt will be trying to fill the shoes of one of the business world's equivalents of Bigfoot.
Business affairs
When Immelt takes over next year, he will be under significant pressure to at least sustain the growth which took place under Welch. It's a difficult position to be in, at least for most people, but doesn't seem to trouble Immelt.
"My job is to lead GE, it's not to follow Jack," Immelt said, going on to explain the yardstick by which he'll be measuring his performance in the years to come: "I always just wanted to be the best I could be."
While there are some real differences in the managerial styles employed by the former and future CEO -- the former has often been called an "autocrat," the latter a "consensus builder" -- Immelt dismisses all such comparisons as irrelevant, true or not.
Initially, though, when he takes control next year, Immelt does not plan to make any drastic changes at GE, currently prospering nicely despite the slowing American economy. His comments conjured up images of a skilled mechanic trying to perfect the performance of an already well-tuned engine, rather than of a massive overhaul.
"I think that there's a real value in some level of continuity and some level of consistency," Immelt said.
Immelt, though, certainly is not planning to stand by and watch the business world go by, saying, "Everybody likes change, and I think the team year is looking forward to doing things and taking the company into the future."
He noted Friday that he will be focusing on a few ways to help GE continue to expand, noting in particular further globalization -- although GE already operates in more than 100 countries -- and increased innovation.
Some Wall Street analysts have suggested that the gigantic conglomerate may decide to spin off some of its divisions in the coming years, creating a tighter and more focused company. But Immelt called such analysts "theoreticians."
Breaking up GE would not be "ultimately beneficial," Immelt said. "I'm a big believer that one of the company's strengths is diversity. The whole always exceeds the sum of the parts."
The recent purchase of Honeywell International -- a $45 billion deal so huge that Welch extended his departure date to see it through -- will mean redundancies within both companies.
And that means layoffs, some of which have already begun at NBC and its' subsidiaries. Some analysts have forecast that as many as 50,000 jobs may be lost, a figure which Immelt did not deny.
Nor, however, did he confirm it. But while Immelt was not excited to discuss the prospect, he admitted that there were likely to be job cuts in the coming months. "There will be some redundancies with Honeywell, and the economy is not so good right now."
The most affected will be GE divisions like Appliances that tend to be consumer-oriented and thus vulnerable to market swings, he said.
For most people, getting their dream job is an end unto itself, the culmination of a fantastic career and a time to enjoy life's accomplishments. Not for Immelt, who seems to be looking forward to "taking the company into the future" more than anything else.
"This is just the first step," Immelt said. "I don't look at this being the finalization of anything."
