HARVARD BUSINESS scHooL

e-723-373
N OVEM a ER 7.2022

DA VID COI-L15
HAISLEY W ERT

GE: A New Wuy Forward?

One of the most iconic American companies, General Electric (GE) was founded in 1892 in New
York state. Named among the original dozen companies on the Dow Jones index in 1896, it was the
lis(s most tenacious holdoutl maintaining its "blue chip" stock status for over one hundred years-2
Throughout its history GE survived, indeed initiated, revoluhons across industries, technologies, and
managerial practices. Far from its original scope of providing affordable electricity and lighL it
expanded into a diverse set of businesses including healthcare, hansportation, aviatio4 computing,
entertainment, and financial services.3 Its innovations included a litany of fusts that defined progr€ss
in the twentieth century, pioneering the first voice radio broadcasL radar, home television, medical
imaging and X-ray, among other inventions.a

GE also set the gold standard for American management in executive training, strategic planning,
quality initiatives, and porffolio selection. GE founded the oldest corporate university in the U.S. in
1956.s,6 Its venerated Crotonville, New York residential training center served to "inspire, connect and
develop" high-achieving leadership.T The 60-acre bucolic campus convened executives from around
the globe, including attendance for twelve week for the center's flagship advanced management
course.8 The company also led major trends in strategic planning, from the introduction of the Shategic
Business Unit structure in the 1950s and 1970s to a dramatically sheamlined, delayered approach in
the 1980s and 1990s.e Further, GE set cross-industry benchmarks for quality through its acclaimed Six
Sigma program. [,aunched in 1996, this aimed to slash defect levels to 1/10,000 and lower quality costs
by $8 to $12 billion.l0 Its later evolution to a lean enterprise in the first decades of the 2000s signaled a
shift towards agility and resilience.ll The company's original approach to porffolio configuration led it
to expand from its "electricity" core into adjacent businesses. Organic growth and invention hrmed
into a strategy of mergers and acquisihons that opened the era of GE as a "congtomerate." The
progression of the porffolio from products into services, including financial services, towards the end
of the 20fi century completed GE s business evolution. With a track-record of excellence and
adaptation, GE represented the epitome of American lnanagernent to which competitors aspired.

By the time award-wilning "Manager of the Century" Iack Welch retired from his position as CEO
in 2001, GE's market capitalization was over $410 billion (Exhibit 1)-1213 That peak was lrever
surpassed, and the subsequent decline tested company leadership. Welch's hand-picked successor
CEO Jeffrey Immelt oversaw GE s near-bankruptcy in 2008 and warranted SEC penalties for
misleading investors between 2015 and 2017.1{.1s.r6 Media critiqued his replacement, John Flannery,
for lacking urgency as he slashed the company's once-coveted dividend in half.lT After another Board

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2024.
72!373 GE: A New Way Forward?

interventiorL tI. l-awrence Culp became the first outsider CEO in the company/s history.18 With a
changing landscape that had rendered Welch's handbook outdated and recentleadership that had been
heavily criticized, Larry CuIp faced looming strategic challenges.re Would his financial managerial,
and structural transformation empower long-term value creation? (See Exhitrits 1-5).

Laying the Groundwork for a Legacy

The year 1879 marked a victory for serial inventor and entrepreneur Thomas Edison. After testing
more tfran 3,000 lightbulb filament designs over two years at his Menlo Parlg New Jersey laboratory,
he finally succeeded in developing the world's first incandescent light bulb with a life of 40 hours. 2u21
Making haste, Edison filed for a patent that week.2z The invention came to exemplify GE s founding
value: relentless pursuit to deliver the next breakthrough.

By 1889, Thomas Edison's eleckicity-related business interests - the Edison Lamp Company,
Edison Machine Works, and Bergmann & Company-were consolidated with its patent-holding
financier, the Edison Electric Light Company.B One acquisition and three years later, the Edison
General Electric Light Company merged with competitor Thomson-Houston Electric Company to
become General Electric.2a

GE then hailblazed inventions that fundamentally changed daily life. The company developed the
first electric locomotive in 1893, X-ray machine in 1896, voice radio broadcast in 1906, elechic home
appliances in 192! home television in 1922 moldable plashc in the 1930s and 1940s, the Anerican jet
engine in 1941, commercial nuclear power plant in 1957, lasers in 1962, and medical imaging devices
in 197(t.25

Throughout the decades, hundreds of companies remade themselves in t}re shuctural image of
G8.26 In the 1930s and 1940s, GE led the hend towards centralization. Subsequently, CEOs Ralph
Cordiner (1950-1963) and Fred Borch (1963-1972) led pushes toward decentralization to confront the
"profitless growth" of the 1960s.27 To do so, they implemented two key changes- Firsf Cordiner
identified GE's largest limitation as a lack of managerial capacitv. To equip management with the
agency and shared cultural values needed for decentralization, he founded GE's training center at
Crotonville.2s The estate, one hour north of New York City, quickly became an epicenter of cultural
values and leadership know-how, even as GE expanded its training initatives worldwide.2e Bv tie
2010s, GE iavested about $1 billion arurually in professional development across all levels of the
organizaton.r Other large companies followed by establishing their own corporate haining centers.3l
The second major change to facilitate decentralization was the creation of Strategic Business Units each
with P&L responsibility, which reduced the number of businesses reviewed by the CEO from 190 to
43. To further reduce corporate involvement in business plans, the company's seventh CEO, Reginald
Harold Jones (1972-1981) added an additional organizational layer, sectors.32

When Reginald fones passed the torch to his mentee Jack Welch in 1981, GE was in solid standing.
Reginald fones had iust won the flfle of "Most Influential Man in Business" from the U.S. News &
World Report in 1980. Under his eightle:Lr stead, GE revenues had more than doubled, from $10
billion to $22 bi1lion.3 But that was only the beginning.

'llleutron' |ack Welch

By the time CEO Jack Welch retired in 2001, GE's market cap had multiplied nearly 3O-fold frorn
$14 billion to $410 billion. Its revenue had quintdpled over his h.venry-year tenure, and Welch bore the

m24
GE: A New Way Forward? 723-373

accolades to match. Fortune magazine dubbed fum the "Manager of the Century" and the Financial
Times had honored GE with the title of the "World's Most Respected Company" for the previous three
years.a The GE that Welch bequeathed was global and had expanded beyond its haditional
manufacturing realm into financial services and entertainmenL35 Signi{icantl1,, with a 23% per annum
shareholder return over his tenure, investors regarded GE stock as the gold standard.s

GE's 1981-2001 era was characterized by fack WelcWs results-driven and blunt leadership style.
'Neutron' Jack did not win his achievements through instant likeahility.3T His peiorative moniker was
derived from the Neutron bomb which eradicated people butleft physical structures unharmed.s Even
so, Welch"s approach earned approval with oft-repeated aphorisms exemplirying his principles: "Face
reality," he directed. "Change before you have to."3e For Welch, bureaucrary was the enemy and
targeted action was the means to control GE's destiny.

Early Years of Ooerhaul

In the first years as CEO, Welch radically restruchrred the company to make it more lean and agile
through three main mechanbms.

"Fix, Sell, or Close" To d rive perform a nce, Welch challenged each of the 43 Shategic Business
Units,6.seetii€.didi#:.1ibi#2rlipritih tlieir:iiitluitti,.{o If they did not or could not outline a way achieve
market leadership, thev were to be disposed of. Between 1981 and 1990, GE sold more than 200
businesses for over $11 billion, while making over 370 acquisitions to the tune of$21 billion{1

Personnel Reductions Wdli{itl6ii.orderotl.sigpifiiant'iiurf,fcusiatall levels:' t-ie;helrringottlre

200+itittttI$.E6-tirgit$,liinti{,r*:*tbiip symbolized the overhaul at corporate headquarters. In'{98Glie
'thiise'rrdiiiJffi.gi:.had$ii1*rtiidaa
fiie.abt.+plttiifltjlr;rfitti.E-ljl4rftiiini*s::heids'-ro.€nsure &at: ili
ciiqldi6iit'*l{d;GE1fi.,a1tesaiEven accounting for acquisitions, total employee numbers decreased from
404,000 in 1980 to 292,000 in19f39.42

Confronting Bureaucratic Processes Welch tossed the strategic planning system tltat had
been a Hallmark of Reginald Jones' tenure. H€ireplirced it:wifli dr{ir;i.jiagC.lplayt*iiikr{oi,lir6al 'tirii
pla{hin?:{i._tr1.-liijt nti&:fl<sliiiEiitr,+'lns.t ered:one questioD per [rase,'. ili,adilrd3t-ctl: tlie.".gladGb
tb-EiiEffi'G'i{frt"8ffifi6#@.. q:.ths largest; aiificitaba:lcllaUengd jih,:!t}ie.tii'ee.'year
To further simplify unwieldy decision and
reporting lines, Welch got rid of the sector level hierarchy and reduced the number of reporting levels
from nine to, in some instances, four. This change cleared the way for all businesses to report to the
CEO. Additionally, he changed budgeting benchrnarks: rir*i6r'ituingaii#ngaga'irtdtfhlt:it6i-firtm:inte,
fiie.1r6tr{ifl,gd$ffffi.8:H€ainrt'E* ihillir'eittst thetrids:43
Crafting the Organizational Culture to Sustain Change
With the structural component of change cemented, Welch turned to the cultural DNA of GE
reflecting his belief that a CECIs job was primarily to cultivate the talent of people in his organization.
From the late 1980s to mid 1990s, he implemented several programs to align staff and company goals.

'fiork Out" In Fall 1988, Welch devised the "Work Ouf' p,'ogram to systematically solicit and
implement bottom-up, achon-ready proposals.{a "Work Orif' was a tt{o:to.thrtS:i*ay::ififiiiiI..ifliee
anyw'liere..ft5ri2$'Sb,100ii1ti8iiihb ill'a business presented rapid-fire proposab ini€Sif.iiiii€Jii'ili.i,+,
definedtha enfe. The manager was required to provide a clear decision on the spoL $'hether it be yes,
no, or a request for specific further information and a decide-by date. Proposals were implemented
within 90 days, with monthly check-ins between the 'agents' and 'drivers.'ls

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72t373 GE: A New wcy Forward?

Going Global In 1987, Wetch refined'tfte "#1 or #2" ultimatum: businesses must not only'lead
in the'domestic market, but tlte global market. He campaigned for a series of international deals,
promoting the President of GE Europe Paolo Fresco to membership in the four-person corporate
executive office. Jack Welch also steered regional investmentJ during their economic downtums. In
Europe between 1989-1995, GE made $17.5 billion in investments, in Mexico in 1995 he acquired sixteen
companies within six months, and in Japan from 7997 -1998, GE acquired $15 billion of companies.
Between 1993 and 1998, international sales almost doubled to $42.8 billion.16

Maximizing Human Capital Insistent on enginerring a workforce of people who delivered

targets and shared GE core values, Wetch instituted rigorous evaluation processes. Eachl year,
niandger-s:weid.reqdired to rank the'top20%, middle 70%, and bbtt6in,l0% .of ,thdir staff- and fire the
bottom 10%.a7 For senior executives, tlle annual Florida Conference presented the opportunity to share
best practices, reinforce corporate values, and establish new corporate initiatives.

The Final Stretch

In the 190s, as growth in the industrial sector slowed and his compulsory retirement date
approached, Welch was intent on accelerating GE's nromentunr.

Botri.daryldsS;'rGior,ith wetctr enviJioned a "boundarile'rss'r'rcompany; without thi: riiltls

bett\ree'il:tidtlifdnil funitiorii; doiiiiasg!:ailtlthternefioiral operatio-ii3; or between salaried and hourlv
employees. Without rigid barriers, businesses could share processes and resources. The
"t b'tnidn?ii,lEid'i.iiritiative also piiiiiili:ilfi1iarhWay to integration faf ne$,.ac4uisitibru and parhiEithips
*;{thdiiiitildr$'18

S@ch:Gii:ils From the beginning of the decade, fack Welch promoted stretclr goals to nanagers
that were set alongside standard budget targets. Emphasizing that they were to be challenging yet
attainable goals even if they did not have a clear path\a'ay to be reached, they pronroted organizational
efficiency and creative empowerment and yet r /ere not punishable if not achieved. ]e

Mirri;,inEliitf6Si'itic6s By 1991 middle managers convinced Welch of a realization that he called

a "punch in the nose" - that the service sector was too big an opportunity to miss. GE then pivoted to
aggressively pursue services. By providing maintenan.e support and productivitv insights for
customers' existing physical assets, such as airplanes and hospital equipmeut, GE services achieved
$10 billion in revenue iust thre€ years after its launch.$ The prime example became iet engines which
were nor,r'sold as "flight hours" rather than as a capital good.

ln parallel, GE moved aggressively into financial services wit}r the growth of GE Capital, which
encompassed international real estate assets, a commercial American lending business and a sponsor
finance business. Aiiitsj-*.i6.i66i@.ii€apihll.atcounted for 60% of.-.Sle cirmpanfs eamilrfss.l havin*
grown voraciously from its 1950s origins financing consumers' appliance purchases.s2 GE Capital's
competitive advantage had been its symbiotic relationship x'ith GE product divisions and its triple-A
credit rating that shaved the cost of capital to be the lowest in the financial services furdustry.s3
Additionally, as GE was not technically a bank, it avoided regulations that restricted competitors.s
Last but not least, GE Capital provided funds to smooth quarterly earnings reports - from selling part
of a parking lot on the day before the quarter's close, to selling and rebuving assets on days that
shaddled the report. None the wiser, Wall Street had lauded the resulting steadiness in GE's results.$

Six Sigma In 195, Jack Welch implemented a Six Sigma prograrn to make quality the backbone
of GE and so reduce the cost structure. Through compulsory training, everv employee had to become

m24
CE: A Nrw Way Forward? 7L1-173

cerhfied within three years. 8y.2000, Six Sigma had generat€d $25 billion in savings$ while between
1995 to 1999, GEs operating profit margin grew hom 14,4% to l? .3% :e

GE Under feffrey Immelt

Jeffrey Immelt, the 44-year-old head of GE Medical Systems, stepped into his role as CEO in 2001.
Hand-picked by Jack Welctr, [mmelt mirrored his predecessor: he worked in GE Plastics for a portion
of his careet had a reputation for exachng high-quality work from those he supervised, and ran the
first GE division to implemelt and reap the rewards of Six Sigma.s ImmelPs characberishc sheen of
optimism and salesmanship bolstered his projectiongse yet oV6r the.cours'e;'of hii leadership GE stock
feII around 30%;Iosing $ls0;billion in market valuation.o

GE's Steep Decline

Several key events defined lmmel(s sixte€n-year tenure as CEO. Four days after assuming his role,
9/11 shocked the nation. The economic ramifications impacted several GE businesses; shares
plummeted 20%.5t

Nexl during the 2008 Financial Crisis, GE nearly went bankrupt. At the epicenter of the hrrmoil
was GE Capital. To avoid bankrupky in October that yeal Warren Buffet kept GE afloatwith $3 billion
in funding and the company announced that it would sell $12 billion in common stock. The need for
the infusion was utterly unexpected. [,ess than a week prior, [mmelt confidently told a Wall Street
analyst that GE felt "very secure about how the funding looks." But Immelt missed the waming signs
that higgered Bear Sterns' collapse, and when the market froze, GE Capital could not buv nor sell
financial assets at the end of the quarter, causing it to miss profit targets by 5700 million.52 Investors
expressed outrage at GE's newly-revealed smoothing practice, and GE's stock slid 42%.6 Meanwhile,
the 2010 Dodd-Frank Act deemed GE a "Systemahcally Important Financial hstitution," which placed
GE under the purview of new regulations.d That year, although GE was still dre "world's biggest
company" according to Forbes, its revenue, profit, and stock market valuation dipped.os

Another emblematic event in Immel(s attempt to huild advantage through building GE's scale was
the $10.6 billion acquisition of the Alstom power business in November 2015.tr GEI:Idi-.ii€stacqr:risitii:n
ih jtridirrj,;;.efiiit€lffiffiiffi6tdEeltfr il,C€nb GE Power ai,ttre-,tuhr i:*f:tie-tti-hltlntriiidiuial(e
0t6.fiff-5ta$6'.f"6bfffiffififl'.P-6eii .le. Immelt's confidence even led the unit's head, Stevg Bolze, to
pitch a CAGR of 5%, well above the global benchmark and iust before a substantial market decline as
renewables replaced traditional gas and coal power plants. Challenged to integrate A]stom, which was
laden with surplus emplovees and cumtrersome assets that were protected under French law,57 GE
Power sold receivables to GE Capital and incentivized custorners to extend their conhacts for a
discount in order to prolong the appearance of growth.

Immel(s management of the power division sowed the seeds for future SEC charges and dividend
cuts. Irt.Octht*ii1201lltGfiFffi.Ed.a:$22 trillion dollar goodwill.impaiirrie4lcliar8pit6"f,ls:rithirfti.'6i,r
oFAlstoiriiiini ili6,'ffiliB.ffiiif8iliiriitii a'rket.68 The charge necessitated Inmel(s successor cutting
the dividend from 12 cents to 1 cent per share.6e In 2020 the SEC leveled a $200 million charge against
GE for misleading investors over the performance of its power and insurance divisions.T0

Too Big, and Failing

Under the weight of these events, Immelt paretl tlown GE's reach across industries. GE sold its stake
in NBCUniversal in 2013. The conglomerate further sheti GE Plastics, GE Water, and GE AppliancesTr

m24
72T373 cE: A New Way Forward?

while selling off$260 billion in assets from GE Capital over the course of two years, beginning in 2015.2
YeL in 2012 under pressure from the board, Immelt announced his preemptive retiremenL During the
span of his tenure, GYs total refuin'to shareholders (induding dividen{s):w'as about:12'%, ivhile 'that
of the'S&Pr500'Ii;a3,192%.73

fohn Flannery's 'Reset Yeal

30-year GE veteran John Flannery replaced lmmelt as CEO in August 2017. Having spent much of
his career in GE Capital, Flannery taunched a company-wide review over the course of several
months.Ta lnvestors from the start were dismaved at the slow pace of Flannery's deliberateness. At the
November reveal of his strategy, Flannery clelineated GE's core businesses as aviation, health care, and
power, but did not propose any drastic organizational changes.E To free up cash, he broke precedent
b.v cutting GE s dividend for only the second time since the Great Depression.Tb

After cutting $1 billion in costs in the indushial sector, Flannery informed analysts, "we've
described 2018 as a reset year."z In April, he restructured the Board, bringing the members down from
18 to 12, and selected those who ra,ould spur debate rather than repeat the affable consensus under
Immelt. Half of the prerxisting members left, and Flannery welcomed three new members, including
former CEO of Danaher, Larry Culp- Flannery convened 50 board me€tings and calls in one year,
iteratively making and reconsidering decisions.TE In June 2018, Flannery announced a breakup: GE
would sell its healthcare, transportatiorL and oil and gas units, divesting its majority 62.5% stake in
Baker Hughes. The company would slash debt and further shrink GE Capital while deepening GE's
presence in the power and energy sector. These decisions brought Flannerl/s year-long strategic review
to a close and aligned with analyst recommendations frorn one year prior.D During those 12 months,
GE's stock value had halved.

Earlier, on January 16, 2018, Flannery announced Ule most shocking finding from his company-
wide review. GE faced a $9.5 billion charge on reinsurance contracts and was required to set aside $15
billion in reserves until 2024. Although GE had long stopped issuing new insurance contracts and had
largely exited insurance atter 2006, some risky contracts in long-term care remained. As the year
continued, the power division's profits de(lined 58%, having only sold 19 gas turbines compared with
41 the previous year. s Flannery candidly told the investors that addressing the years of unclear reports
in GE Power would be a "multiyear fi>(, with some volatility."sl The Dow Jones finally dropped GE
from its ranks in fune 2018 after 111 years.82 By the last week in September, GE stock was at its lowest
in nine years.e

On October 1, 201& GE communicated to the public t}rat it would write down "substantially all" of
GE Power's goodlt'il.&,Es That very day, the board forced Flamery's resignation effectively
immediately, to internal and public surprise alike.

The First Outside CEO

When H. Lawrence Culp lr. became GE's new CEO on October 1, 2018, the stock price rose 10%.
The fust outside CEO in GE's history, the Board hoped that Culp would reproduce his track record as
CEO of Danaher. Over the course of his 14-year tenure at that company, he had delivered shareholder
refurns that were five times those of the S&P 500,6b and had grown Danaher's market capitalization
afld revenues five-fold to $51 billion and $19.1 billion respectively.87,88 Danaher's su€tx9:iiiider.liis
leadership sEmmtid from its dgorcus implemenhtion of kaize& or continuous iDipi6:v&ieiit, as

m24_
cE: A N.w W.y Forward? ?a3-173

origina[y adapted from lapan's Toyota Motor Corporation. It:ffiit

sFn

Up for Sale

Culp faced a ull task ti,i tHii

b. [n many ways, he faced the most difficult
situation of any GE CEO todate-s By December 2018, GE's market capitalization had shrunk to $70
billion, down neady half a trillion dollars from its peak.el But CuIp soon turned the tide. On December
13e, J.P. Morgan bumped up its rating on GE from "underweight'' to "neutral." By yeals-end, GE had
slashed debt by completing the sale of its stake in Baker Hughes, an oilfield-services company, and GE
Transportation-e In February 2019, Culp announced the sale of GE Healthcare's ncrown iewel,n
BioPharma, to Danaher for $21 billion. The deal deferred Flannery's plans to spinoff Healthcare while
further relieving some of GE's debt%

Engineeing a kan Machine

In his first letter to shareholders in February 20fl9, Culp penned a brisk five pages on his strategy:

Culp attacked debt by enlisting management of all the business unis (ffii
Accordingly, he
further decentralized GE,

For four days in fune, Culp

@ they took to the factory floor to track nitty-gritty details and spot
opporhniUes. Culp himself was no shanger to walking the factory floor. Since assuming the top spot

ffi,lByteachingemployeesthatattendingtoeventhesmallestdetailscou]dcreate
value,

These trainings quickly spurred results. In a GE Power factory in Greenvillg South Carolina,
executives modelled the production path of a steel turbine blade. The blade coverrd nearly 3 miles
during its 85day production period. By rearranging the machines sequentially and updating
equipment to prev-ent in-progress pileups, the blade's new journey was cut to 165 feet over a 49day
production period.s

In Culp's first
lhree years as CEO, he changed 15 of the top 20 executives, with at least five being outsiders. Altrough
GE still emphasized leadership trainin& the locus shifted to factories and fieldwork Culp affirmed

BEffiffi.'ga
Through COWD-L9 P anilemic Heaihoinds

The 2020 onset of the COVID-19 pandernic curbed GE's share price recovery. Overall revenue
plunged 20%, and by mid-May, shares dropped to their lowest in 28 years-s With travel ground to a
hall profits fron Aviation, previously the companv's highest-earning uni! fell 82% despite reductions
of 10% of its workforce.e'rm

20.24'
72t373 GE: A New Way Forward?

GE's Big Brcak

ln November 2021, Culp announced his biggest news yet-GE was to split into three public
companies in aviation, healthcare, and energy.lm Shares, which had risen 55% in the past 1'ear, rose
another 2% after the announcemenLl@ The hjstoric decision to split GE put an end to nearly 130 years
of expansion. That same weelg two other mainstays, Toshiba Corp and )ohnson & Johnso+ also
announced plans to spliLlB

kr July 2022, GE made public the nanes of the new companies; each bort the original GE namesake
(See Exhibits 5-7). The healthcare company would be GE HealthCare. The new mergy comPany -
combining its existing CE Renewable Energy, GE Power, and GE Digital units -was to become GE
Vernova. The remaining aviafion company would become GE Aerospace.lu

Culp argued that the split would create long-term value for workers, society, and sharpholders
alike.

ftmmmr0s
06

Three Independent Companies GE HealthCare would include GE's medical equipment unit
that produced scanners and ultrasound equipmenllo GE planned to rehin ownership of a 19.9% stake
in GE Healthcare, while GE HealthCare would sell debt securities to rcduce GE's debL In fanuary 2022,
Peter Arduini became the new President and CEO.1B

GE Vernova's name evoked connotations of a new green era stemming from 'verde', the Spanish
word for'green', and'novat, the [atin word for 'new.'1D GE expecH that it would attain mid to high
single digit rrargins, while beating out low growth rates in the sector. Scott Strazik, the CEO of GE
Power, was slated to lead the new GE Vemova.

GE Aerospace would remain after the spinoffs of GE HealthCare and GE Vernova. It would be
responsible for the assets and liabilities of its predecessor, induding the insurance contracts.rlo Margins
could reach up to 20%.111 GE Aerospace planned to pursue both organic and inorganic growth paths
to fulfil its goal of decarbonizing flight In February 2022, GE Aviation announced that Boeing would
join a GE-NASA parhership established the prwious November to trial a hybrid-elrtric single-aisle
airplane. This supporbd GE s pledge to be carbon neutral by 2030 and net z*ro by 20fi.112 John Slattery
was initially to continue in his role as CEO of GE Aviation until the spinoff, at whidt point larry Culp
would take over. However, in JuIy 2022, GE announced that Larry Culp would become the GE Aviafion
CEO effrtive that day, in addition to his duties as Chairman and CEO of GE. Slattery becarre the Chief
Commercial Officer, where he would continue when GE Aviation becane GE Aerospace.

The Future of GE GE anticipated that the sptit would revive its share price. ffimmre
13To start the share price off on new footin& in September D21, GE
completed a rare eight to one reverse stock spliL Arulysts were lukewarm in their Eaction b the news
of the spliL Saree Boroditsky of feffries recommended that investors hold the stock believing the split
would increase accountability. Boroditsky cautioned that the future GE's nahJral-gas power generation
was a "melting ice cube' in the current climaE, but it might be able to be overcome though ib wind
energy operations. Stephen Tusa of J. P- Morgan also recommended a hold. He advised that GE s wind
energy business was not as strong as investors' expectations. 'One thing is certain," Tusa wamed, "GE
will continue to be a turbulent company with plenty of shareholders wakhing its everv move."rr{

?o24'
 cE A Ncw ld.t, Fdttd? TietB

E .tribit 1 GE Marlat Capiblizatioo 1*2021 (in llllions USD)

GE Market Capitalization, L994-2O21(in Billions USD)

axt

500

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200

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 72i-373 .1,0.

Exhibit 3 General Electric Income Statement, 7995-2020 (in Millions USD)

For the Fl3cal Perlod Endlng on 1231: 1995 2000 2005 2010 2015 2020

Ravenue 43,357.0 72,954.0 83,566.0 100,436.0 105,808.0 73,022.0

Finance Div. Revenue 25,919.0 56,463.0 51,341.0 47,980.0 9,350.0 6,597.0
491.0 492.O 1311.0 1151.0 279.0
Other Revenue
Tolal Rovenug 69,767.0 129,909.0 136,218.0 149,567.0 115,834.0 79,619.0
Cost Of Goods Sold 31,385.0 51,823.0 59,784.0 71,713.0 79,351.0 57,276.0

Finance Div. Operating ExP. 1,117.0 2,045.0 3,239.0 7,085.0 5,854.0 4,246.0

lnsurance Div. Operating ExP. 5,285.0 14,399.0 3,374.0 3,012.O 2,605.0 2,397.O
6,661.0 11,111.0 14,045.0 14,510.0 2,301.0 2,186.0
lnterest Expense - Finance Division
Gross Proflt 25,319.0 50,531.0 55,776.0 53,247.0 25,723.0 13,514.0
Selling General & Admin ExP. 15,014.0 30,993.0 33,274.O 38,033.0 16,327.O 11,122.O

R&DExp. 2,565.0
15,014.0 30,993.0 33,278.0 38,033.0 16,327 .0 13,687.0
Other Operatlng ExP., Total
Operating lncome 10,305.0 19,538.0 22,498.O 15,214.0 9,396.0 (173.0)
(64e.0) (81 1.0) (1 ,319.0) (1,600.0) (1,706.0) (1,333.0)
lnterest Expense
lnterest and lnvest. lncome 150.0 5s.0 491.0
(499.0) (756.0) (1,319.0) (1,600.0) (1,706.0) (842.0)
Not lnterost ExP.
135.0 313.0 915.0 573.0 757.O 1,618.0)
Other Non-Operating lnc. (ExP.) (

EBT Excl, Unusual lt€mg 9,941.0 18,873.0 22,094.0 14,187.0 8.185.0 5,197.0
9,941.0 18,873.0 22,094.0 14,187.0 8,185.0 5,197.0
EBT lncl. Unusual ltem3
lncome Tax ExPense 3,164.0 5,71 1.0 3,824.O 1,039.0 6,485.0 (474.0)

Eamings from Cont. OPs. 6,777.0 13,162.0 18,270.O 13,148.0 1,700.0 5,671.0

(204.0) (427.01 (916.0) (535.0) (19.0) 158.0

Minority lnt. in Esrnings
6,573.0 12,735.0 16,720.0 11,644.0 (6,126.0) 5,704.0
Net lncome
Supplemental ltems
EBITOA 13,899.0 25,923.0 30,339.0 26,757.O 15,905.0 5,732.0
EBITA 10,305.0 20,884.0 22,498.0 16,971.0 11,058.0 1,096.0

Sourte: General Electric lncome Stat€ment, CdPihl tQ, Inc , a divkion ofStandard and Poo/s'
 6
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d
723.373 -11-
6
q
a Exhibit4 General Electric Balance Shee! 1995-2020 (in Millions USD)
I
Balance Sheets for the fiscal
f. Periods Ending on 1731: 1995 mm 2005 2010 2015 mm 2027

_0 Cash And Equivalents 874.0 2,143.0 1,695.0 18,686.0 10,372.0 20,609.0 15,495.0
6
Short Term lnvestments 7,319.0 5,300.0
I6 Total Cash & ST lnvestments 874.0 2,143.O 1,695.0 18,686.0 10,372.O 27 ,928.0 20,795.0
o
g 43,013.0
Accounts Receivable 8,735.0 9,502.0 14,851.0 18,621.0 18,060.0 16,014.0
6
Other Receivables 4,395.0 4,098.0
i: Total Receivables 8,735.0 9,502.0 14,851.0 18,621.O 43,013.0 22,455.0 20,112.O
lnventory 4,395.0 7,146.0 10,315.0 11,460.0 22,449.0 15,890.0 16,790.0
!
Finance Div. Loans snd Leases, 105,689.0 178,815.0 301,971.0 310,583.0 18,834.0 4,596.0 1 ,457 .0
EI ST
E.
Finance Div. Other Curr. Assets 1,949.0 6,718.0 68.355.0 75,825.0 181,119.0 13,421.0 40,742.0
Restricted Cash 2,600.0 2,500.0
o
D€ Other Current Assets 247 .O 33,810.0 5,109.0 1,522.0 1 ,191 .0
Total Current Assets 121,642.0 204,324.0 397,434.0 468,985.0 280,896,0 8E,412.0 10s,587,0
l Gross Property, Plant & ?4,867.0 30,189.0 39,378.0 90,022.0 75,927.0 34,841.0
Equipment
Accumulated Oepreciation (14,633.0) (17,990.0) (22,874.0\ (35,927.0) (31,265.0) (18,968.0)
Net Property, Plant & Equipment 10,234.0 12,199.0 16,504.0 12,444.0 54,095.0 44,662.0 15,873.0
8
6 Long-term lnvestments 2,877.0 1,009.0 3,374.0 43,938.0 31,973.0 36.0 150.0
I Goodwill 5,901.0 1 1,962.0 4A,274.O 36,880.0 63,156.0 25,524.0 25,333.0
8l
E Other lntangibles 742.0 462.0 9,565.0 8,088.0 17,362.0 9,631.0 9,155.0
Other Long-Term Assets 86,639.0 207,050.0 198,170.0 177,458.0 45,589.0 85,187,0 83,03s.0
E
Total Assets 228,035.0 437,006.0 673,321.0 747,793.0 493,071.0 253,452.0 237,133.0
E LIABILITIES
I Accounts Payable 9,061.0 14,853.0 21,183.0 14,656.0 13,680.0 16,476.0 16.172.0
Accrued Exp, 5,898.0 12,219.O 873.0 837.0
o Shorl-term Borrowings 64,463.0 119,180.0 158,156.0 117,959.0 49,860.0 4,778.0 5,459.0
q.
Curr. Port. of Leases 727.O
Finance Div. Current Liab. 29,425.0 47,277.0 4,788.0
I
a Unearned Revenue, Currenl 1,812.0 8,271.0 18,215.0 16,909.0
3
3
P
!t
 6',

8
f
723.373 -72-
6

8. Balance Sheets for the Fiscal

Periods Ending on 12/31: 1995 2000 2005 2010 2015 202n 202t
Other Current Liabililies 767.0 1,589.0 21,175.O 29,992.0 27,453.0 15,873,0 14,348.0
1
Total Cunent Liabilities 82,001.0 156,112.0 201,387.0 183,869_0 138,270.0 56,069.0 57,676.0
1) Long-Term Debt & Leases 51,027.O 82,132.0 212,281.0 293,323.0 144,659.0 72,534.0 60,433.0
6
Finance Div. Non-Curr. Liab. 46,901.0 114,388.0 95,099.0 86,478.0 27,857.O 42,252.0 37,705.0
Unearned Revenue, NonCurrent 4,456.0 11,142.0 15,776.0 1,801.0 1,839.0
o
Pension & Other Post-Retire. 2,415.0 3,714.0 8,117.0 .O AA' N
Benefits
3 Oef. Tax Liabilily, Non-Curr. 508.0 452.0 3,733.0 (4,237 .0)
E Olher Non{urrent Liabilities 12,618.0 24,780.0 30,843.0 33,468.0 63,399.0 43,722.0 40,519.0
a Total Liabilities 195,470.0 381,578.0 555,916.0 623,595.0 389,961.0 216,378.0 198,172.0
g Pref. Stock, Redeemable 6.0 6.0 6.0
!.
_)
Pref. Stock, Redeemable 6,0 6.0 6.0

o Common Stock 594.0 669.0 669.0 702.0 702.0 702.O 15,0

DJ€ Retained Earnings 34,528.O 61,572.O 97,644.0 131,137.0 140,O20.O 92,247.0 89,098.0
N6 Treasury Stock (8,176.0) (24,444.0) (17,326.0) (31,938.0) (63,53e.0) (81,961.0) (81,314.0)

I Comprehensive lnc. and Other 2,663.0 12,695.0 28,364.0 19,035.0 21,085.0 24,558.0 29,672.0
Total Common Equity 29,609.0 50,492.0 109,351.0 118,936.0 98,268.0 35,546.0 37,471.0
o Minority lnterest 2,956.0 4,936.0 8,054.0 5,262.0 4,836.0 1,522.0 1,444.0
8 Total Equity 32,565.0 55,428.0 117,405.0 124,198.0 103,110.0 37,074.0 38,961.0
q
Total Liabilities And Equity 228,035.0 437,006.0 673,321.0 747,793.0 493,071.0 253,452.O 237 ,133.O
Supplemental ltems
.E
Tangible Book Value 17,955.0 23,051.0 27,721.0 44,577.0 14,945.0 248.0 2,951.0
4 Tangible Book Value/Share $14.37 o ro.c/ $21 .15 c2a EO
$12.75 $0.23 $2.69
I Total Debt 115,490.0 201,312.O 370,437.0 478,598.0 197,602.0 78,039.0 65,892.0

I Net Debt 114,616.0 199,169.0 368,7 42.0 459,912.0 187,230.0 50,111.0 45,097.0
? Full Time Employees 222,000 313,000 316,000 287,000 333,000 174,000 NA
@
9. Source: General ElErtric BalEnce Sheet, Capital Iq Inc., a division of Standard and Pools.
e

c
E
3

I
N
GE: A Ncw W.y Forw.rd? 72t313

Exhibit 5a GE Revenue by Op€rating Segment, FY 2(x)0 (in Billions USD)

GE Revenue by Operating Segment, FY 2000

(in Billions USD)

I Aircraft Enginer . Appliances

i lndustrial Products and Systems r NBC

r Plastics r Power Sydems

. Technical Products and Services

Source: Company l&Ks.

Exhibit Sb GE Revenue by Op€rating Segment, FY 2010 (in Billions USD)

GE Revenue by Operating Segment, FY 2010

(in Billions USD)

t lnfrastrudure . Technology
Energy lnfrastructure
. NBC Universal . GE Capital
. Home & Susihess Solutiohs

Sourcs Compsny 1GKs.

13

m24'
7Zrg73 GE: A New Way Forward?

Exhibit ft GE Revenue by Operating Segment, FY 2020 (in Billions USD)

GE Revenue by Operating Segment, FY 2020

(in Billions USD)

r Avaation . Healthcare " Power . Renewable Energy , Capital

Source: Company lGK.s

Exhibit 6 Selected GE Business Units 2020 and 2019 Net Earnings Before Depreciation and
Amortization

ZDO Net Eamin6s Bdore 2m9 Net Eamints Bdorc

GE Susiness Unit Deprcciation and Amottizetion Deprecietion rnd Amortization
Heatthcare $3 billion $3.7 billion
Power $9O0 million $1.1 billion
Renewable EnoIgy ($20o million) (500 millbn)
Aviation $2 billion $6.3 billion

Sour.€: Lee Samah., 'Here's Wrat General Electric's Big Split Means For Investors,' Nasdaq,
http$:/ /www.rusddq.com/articles/herrx-wha t-general-electrics-big-split-means lbr investors-2o21 11 13,
Augu6t m22.

14

n24.
 723-93
GE: A New Way Forward?

Exhihit 7a Profiles of GE's Three New Public Companies

GE TO FORM THREE INDUSTRV.LEADING, GLOBAL,

INVESTMENT.GRADE PUSLIC COMPANIES

F
,7t,"
&

li.+

J7

TAXING THE NEXT STEP IN GE'S TRANSFORMATION

FROM A POSITION OF STRENGTH

@
Mritney Mer.r. and Tomas Kellner, 'A D'fintug Moment GE to Fornr 3 Industry l,eadinS Public Co panies Fffus.d
on Aviation, Healthcare, dnd Encrgy,'GE, Novcmber 9,2021, h tLpr:l / $ i{r '.ge , rnr/n$vs/ reporrs/d delini ng-
,

nrnent 8. to l(rrr ] uldust'v l.ddinll puhh coml,anies nr (*d rrr nvialnrtr, accessed August 2022.

15

2024
72}3,3 GE A New Way Forward?

Exhitrit 7b Profiles of GE's Three New Public Companies (Continued)

Avlotton HeolthcorQ ecnewabb Eneryg and

Powar
Focus Helping customers Driving innovation in Supporting customers and
achieve greater emciency precision health to address communities se€king to
and sustainability and critical patient and clinical provide affordable, reliable,
invent the future offlight. challenses. and sustainable power
Diffcrentl.tcd Global leadership in At the nexus ofmost care Offering the world's most
offGrlng propulsion and systems; pathways, leading powerful wind turbines;
most compethive and equipment business most efficient gas turbines
innovative engine value complemented by higher- and most powerful steam
propositioo (effi ciency, margir services; offering turbines; technolory to
reliabilit% lifecycle diagnostics, interventional modernize and digitize grid
economics) with younBest imaging. life carq therapy and electrical inft astructure:
and largest commercial planning. and digital, with and carbon-free power
fleet and most diversified the opportunity for much sources like nucleai hydro,
services Dortfolio. faster qrowth. and hybrids.
Global imp.ct Porryering 2/5 of Serving 18+ patients, 28+ Together with our
commercial flights procedures/year customers, providing 1/3 of
the world's Dower
lnst.lLd b.sc -37,70O commercial 4M+ installations 40O+ gigawatts of
aircraft enginesl and renewable ener$, installed,
-26,500 military aircraft 7,0OOr gas turbines
ensines

'GE Plais to Form Thre€ Public CompEnies Fffus€d on Growth Sectoft of Aviatio& Heattlrcare. and Enerry,' GF"
Novemt'er 9, N2l, https:/ /wrllw.te.corn/ rcrvs/ptess reteases/ge-plans-tt>torm-thr€e public-companies-foursed-
on growth sectors<rf aviation, .crce.ssed Augud m22.

16

z)21
 72t93
GE A N.w WaY fo.*ard?

Endnotes

I Where Are They No*'?"' lune 15' a)11'

Steve Schaefer, "The Firct 12 Dow Components:
12-Joh errmfnnenrs' lr hPrc Ar( thry-
httos://www f('rtn"("*/,it*l.r"''''t"'"i"'Jzf|tlozIt:/tx" tir{
no*/'rt tt'"t'ZSfotOl2' ac(es.led frotx'r m2l'
SePtember 24' 2021'
2 Sarah Hansen, "The Rise and Fall o( Gene-rsl Elcctric"' Investopedi&
t'a+',/l,r**-r"*'""f'edia.com/insiShts/rise an<1 fall-gt/' act'essed October 2021'

SePtemhir 24' 2021'

3 Sarah Hansen, 'The Rise and Fall of General Ete'tric," Invetopedia'
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4 E i. o*1.., -G.E.'" Hi.tory of Innovatioq" New York Tirnes' June 12' ZllT'
-
of-innovrtion html' acn:ssed october 2021'
r,ttp',2l * i'*'."y,r^. '*,itzotz twttiii""in'*:'7g'""t^r*r',:tri'-hirtory
s GE Builds Globat l,eader* A Conversation with Chiel Learning
-How Olficer Susan Peters"' Whtrion University of
builds-glohal-leadcrs-a-conversation-
P.rmsylvani+ May 12 2020, https://knowlctlge wharton upenl'cdu/;ticle/how-ge
with {:hief leamin; offi.er-susan-Pek'.s1, acre*sed Derember 2021'
Slate" June 9' 2014'
6 Seth Stevenson, "How Do You Make Ae$er Mrnagers? The StranSe Power of Co'Pordte JarSon"' --
leaders-are hained html'
https:/ /slate.com/business/2014/0r;/ges-rotrmviiie monagemeni-'ampus-n'here-future-tompnny
ec,ce$ed Decmtter m21.
7 -HowGE Builds Glohal Leadets: A Conversation with Chie( Learning Officer Susan Peters"'
l{hirlon University of
Pennsylvani+ May rZ, m20, httPs://kno*4edge.*'harton'upenn'edu/articte/how ge builds glDhal lead'rs-a{'onversation-
with-&ie!tearrlinB-of6cet-susun-peters/, accessed December 2021'

Iane Nichotls,' lnside Crotonville: GE's CorPorst€ Viult Unlocked,r GE, httPs://1'!rt'w'gc-com/ne*'slrryorts/inside-
s
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&rsines.s Schml Publiehin& 1993), P.2.

r0Chrbtopha A. Bardett and Meg Wozny, "GEs Two-Decade kaderchip Transformation: |ack Welclis Leadership," HBS
No. 39+150 (Boston: ttarvard Business Schml Publishinp 05), p. 12.
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]asper folty, "|ack Welct! fotmer GE bods and 'mrnager of the ce-ntury', dies al E4," The Guardiac MarEh 2, mm,
12

https://www.thegurrdiin.com/busiress/2020 /"i.at l02l\ack-lwelch-former-8e boss-and-manager-of-the-ccntury-dies-at+4,

actessed Octobcr 2021
13 Steve lotu, "Jack Welch, G.E. Chief Who Became a Business Superstar, Dies at E4," The New York Times, March Z 2020,
https: / / www.ny Ume s.com / 2O2O / 03 / 02 / busiress/jd.k-$,elch-d ied.htrnl, ao-:ess€d Octob€r 2()21.
14 S,rrah flanserr, '"Ihe Rise and Fall o( General Electric," Inv€stoPedia, Septernber 2t, 20n,
https://www.invrstopcdis.o]m/in6ights/rise-and-iall g,e/, accessed Octobct 2021.

15 c"offr.y CoL,i.t urrd IGtie Bermer, "GE Under Seige," CNN Money, O.tober lt 2(Its,
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;ade Scipi"ni, -Former GE CEO fel( Immelt on his conhoversial leg!ry: 'I don't rrant to hidd," CNBC, Pebruary 23, 2021.
16

https://www.(nbc..orn/2021/02/L\/iorntr-ge.eei€lf-i'nmell talks-dbourhis-{onlroversial-care.er.html, acceesed October

zJ27.
r7 Michael Sheetz "!Vhy GE Removed
fohn Flanoery as CEO After Litde More Than a Year,- CNBC, October 1, 2018,
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16
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https:/ /wr.rlv.ny tinrcs.co,rn / 2D2o/01/ 01/ b,r6i'rrss/ia.k $ olch Jrod.htrnl, dc.-e6sed ortober 2021.

17

m24.
72:1373 cE A Ncw W.y Forward?

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case," Business tnsider India Au88t 14 m19, httPs: / / x'h'u'.busi nessinsidcr.inl slidrshows/ misrellan$us/ triu mpha nt
'is{!
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24 "Edison Companies," Rutgers, https://edirxrn.rutgers.edu/list.htrrL acce$Pd ftot'ta 2m1.

5 E i. O*1"r, "G.8.'" Hictory of Innovatioq" Nerl Yo<k Times, lu rc 12, A9,

https:/ /\r'ww.ny time / 2017 / 06 / 12 /bu si nessi/ ge ocral-el('(tric-history'of innovation.hknl. acr:€ssed
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x Christopher A. Bartletl end Meg Wozny, "GEs Two-Detade kadership Transformationr Jack Welch's hadership," Hf,S
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27
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D
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