Tusa may be too hard on GE but he is correct. Nothing has changed in GE except still moving money around only now legitimately. No revenue generation and nothing with acceptable margins. Culp should continue to eliminate the Executive ranks and save money there.
3 replies (most recent on top)
Every salaried job needs reviewed for level reduction, especially domestic over-compensated Senior EB and EB positions that include incredible benefit packages. The number of direct reports and levels of responsibility have dwindled due to RIFs and the unfortunate relocation of US jobs to global sites. Attendant reductions amongst leadership have yet to occur.
At least in GE Aviation, many SEB positions can now justify only an EB rank, and most of our current EBs need to be set back to SPB as existed pre-Immelt. Many of these leaders were previously contributing employees rather than managers. Put them back to work or let them leave voluntarily if their ego can’t handle reality. Either way, our company benefits.
Why do we need CEO's?
It the same J.P. Morgan said GE stock will hit Zero several months back!!!