Thread regarding General Electric Co. layoffs

John rice go away; u could not close the 3rd shift down and tally up at taco bell

hello

John was a nice guy, sharp guy but for what GE was paying him ..not worth it. As some have pointed out ..if you owned your own company and it was say GE. Would you have been paying this kind of salary and perks for him? NO , sorry. In the meantime employees and shareholders were stuck holding the bag. Jeff Immelt was a pure salesman, he did nothing in his tenure but rob the shareholders of equity and lined his pockets along with John. Sorry, but their legacy was to milk the GE company when it was doing better than now (so he said). JF and his pals will never ever get to pull the wool over anyone's eyes.. because WALL STREET has figured out this house of GE cards.

Mr Rice-a-roni was one of the biggest crooks of the over-blown, stuffed shirt, leaderless era at GE. I call it the disco era, all fluff and no real stuff. The land of risk activity finally ending in a deadly STD.

To me, that blog post exemplifies everything that is wrong with late JI's GE. A post from a top executive who is is either blatantly lying or has no clue what is going on and a huge cohort of a$$ kissers praising him in the comment sections of the blog. GE culture in a nutshell.

The downfall of Power happened because customers stopped firing their gas turbines because renewables displaced natural gas fired units rather than nukes or coal as was expected.

The repair centers are quiet. That's where GE Power makes all it's profit. On the services side.

You can't blame GE management for customers going with nukes and coal over GT's. You can't.

What you can blame GE management for is not recognizing it sooner, laying off it's engineers and repair people sooner and telling Wall Street sooner that revenues would be down.

Someone brought up Kodak as a good analogy to GE Power. I agree with that. They are never coming back no matter how good or bad those companies are run.

The biggest issue GE Power is facing is GE as company is not willing to help finance or help permit many large power projects. Cash is tight right now. So, Power is pushing for a lower product cost to make up for the lack of a financial package. They are also allowing for clients to stretch out payments on the back of their suppliers. All of this erodes FCF for Power. It does not help GE Power that their competitors are offering help finance key plants. The competition knows GE is in trouble and they are trying to explot it big time. GE has been the elephant in the room for years and they are not used to being pushed around. Sorry, but get used to it. Without GE capital GE Power is simple not the best total solution to large power plant end clients that need development money up front. Money talks

Maybe I have read it wrong, but I hear JR saying that JI is a stand up guy, not all his fault, GE is above reproach, business is good for the most part, all goals that were set were attainable, kindly excused if not attained when justified, the culture is great, the leaders are great, and he is retiring only because he turned 60, not because JF would prefer it if JR does. Or paid off.

Then why did JI "step down" and several "leaders", including JR, retire or we're replaced in a short period of time after JI left? The stock has fallen so hard and fast? The Power business is bad. A hostile investor is on the board. If everything was so hunky dory why the trash talk by the Money Media? The tree may look magnificent, but it is not bearing much fruit.

On their way to creating layers upon layers of bureaucracy and a global network of sales leaders to mirror the UN global presence, I think many of the top leaders including John lost sight of how the business actually makes its money from customer order, through supplier provided materials to assembly and to the field along with ongoing upkeep of the product. Without the supply chain cycle of technological value creation to the end customer, there are no profits. Bureaucracy in and of itself may be necessary, but the massive focus he had in GGO of building a bureaucracy is a cost to the value creation process not an asset.

The end result is that work was shifted from fairly simple raw, make, build and deliver with a primary US and Western Europe GE and supplier footprint to series of offshore suppliers and plants located everywhere along with a highly complex internal billing system and financial controls that I think even the smartest of the wise men and women can barely understand let alone the leadership of the business. Also, when they dismantled Capital, many of the hidden things in the internal network of internal payments, loans and synthetic leases all had to be undone at once. So, then even the Industrial businesses who were playing games with Capital had to have all of those undone and the truth of the matter showed up in their own financials all at once. This is partly why the downfall of Power happened right after Capital was sold.

Thus, in the end part of the downfall of GE should be laid at John's feet as without the global complexity created out of simple businesses much of the trouble leadership has had understanding the businesses actual financial position would not have been introduced.

Rice just went for the ride under Jeff,in my opinion neither one knows what the truth is.Hope the SEC bust their Well you know

Rice just went for the ride under Jeff,in my opinion neither one knows what the truth is.Hope the SEC bust their Well you know

pure B.S. and written by a GE one percenter.

But have you seen countless replies to his blog from employees, all thanking him for his great candor and service to the company and wishing him luck? Can't be that all those people are wrong? Can it be? Can it?

@wmx

Good post. I got the impression that he kind of retired in place after he was passed over for CEO. I was surprised he didn't move on from GE but given the past twenty years of hohum assignments and results it looks like he didn't want to start over.

Hey Johnny boy! How about taking responsibility for what is happening in GE and has happened during your 40 years in senior leadership positions? How about that? THAT would be a trait of a true leader.

The final passage is phenomenal:

We just need to run our businesses well = so...are we mediocre managers?

do what we say we are going to do = weren't you proud of the culture you have contributed to build?

and deliver on our commitments to customers and shareholders = thought we were a meritocratic place. this is surprising. we promote the best, and still fall short of commitments

Right now = why NOW? and not yesterday! and not always!

we have the best people to make that happen = given the state of the company, maybe not

I found his last blog just insulting

These fmp+cas type people who become ceos without even understanding the product line, are the root cause of ge’s decline.

Corporate audit should not be considered as the be all and end all of ge.

I don't think that in any of his roles he actually sold anything to anyone nor knew how it was actually made. This my friends is the root cause of GE's failures!!

PROMOTE! PROMOTE! PROMOTE!

FMP/CAS - 1978-1993

VP CAS - 1993-1994

Pres. GE Plastics - 1995-1997

CEO Trans 1997-2003

CEO Energy 2000-2005

Vice Chair GE Industry 2005-2007

Vice Chair GE Tech 2007-2010

CEO GGO 2010-2018

It came in email this morning as his last blog entry. They used to be public on ge.com at some point.

If this posting is real..I have never seen such a bunch of crap. He will called in for SEC questioning. Funny if you look at John's compensation it was outrageous for the responsibility he had..we all saw that and had to wonder what pic he had on Jeff.

I always like john when he was with Power and thought he should be running the company rather than JI. You have to wonder if the outrageous pay he received corrupted his conscious to spill the beans to the board or outsiders. John had to have known what Jeff was doing for years. Kind of like feeding the alcoholic booze and he will hang around and never leave...Jig is up and I noticed John Rice decided to retire. He was not going to take a pay cut that is for sure. In the end John has and will walk away with millions and the employees have and will get the shaft. I hope he comes clean and throws the POS under the bus. Jeff is no hero ...please do not blame Jack. Jeff had years to correct that jokers financial engineering.

John Rice is trying to preemptively defend himself before the prosecution begins. Sounds like he feels guilty and is worried about losing his freedom behind bars. Inmates sometimes make $0.75 per day. Hope he enjoys and doesn't spend it all in one vending machine. Water is free behind bars.

What a load of bull

This will be "exhibit 1" during trial when they call JR as a witness to defend JI, SB & JM actions.....

From John Rice - deliver via email to all employees and on his GE blog

"…before I retire. I would like you to hear this from me:

I worked directly for Jeff Immelt from the time he became CEO in 2001 until his retirement in 2017. During that time I ran or had operating responsibility for most of our industrial business units. Current senior GE leaders who reported to me or were part of these organizations during this time included Vic Abate, David Joyce, Kieran Murphy, Raphael Santana, Lorenzo Simonelli, and Maryrose Sylvester among others.

Neither I nor they were ever asked to sign up for operating plans which were completely unrealistic or unachievable. We were asked to be aggressive and optimize our business performance - and explain or defend results that were less than the standard that we held ourselves to. We operated with openness, transparency and integrity at headquarters and in 180 countries around the world. We were expected to be honest about our challenges and opportunities. Along with many other GE leaders, we contributed to a company culture that we were, and are, proud of - notwithstanding the recent disappointments and operating shortfalls. I, for one, stayed at GE almost 40 years in part because of our company’s culture and reputation – and the leaders I had the privilege to work with and for.

Our company is strong - our people are stronger. We just need to run our businesses well, do what we say we are going to do, and deliver on our commitments to customers and shareholders. Right now.

Fortunately, we have the best people to make that happen."

can you post the note?