Does anyone believe restructuring at GE is complete? Has GE restructuring ever been complete? GE is well known for its endless layoffs and “restructuring”. I cannot count how many reorg after reorg charts I have seen since my tenure at GE. In fact, reorg charts are the only thing GE leadership actually produces. Those nit wits aren’t going to cut their own throats. Maybe GE means restructuring is complete this week? Maybe this quarter? Within the next year, I guarantee “restructuring” will quickly resume. GE leadership has nothing else to offer!
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It should be called continuous destruction instead of continuous improvement.
Layoffs and re-organizations have not really even begun. The layoffs in GGO have not even started to happen in mass as there still is a $500 million cost out/ layoff target there.
John is just trying to get "Grandma" and "Grandpa" to stop selling their "Widows and Orphans" "Blue Chip" GE stock as his compensation is tied to the price and it has dropped like a rock since he was made CEO. He is trying to talk the price up but all it is doing is dropping.
Just remember as one of his first actions as CEO he decided to buy $2.66 million for 103,983 shares of stock at $25.56 per share for his 401(k) retirement plan on August 8th 2017. At today's low of $12.98 per share, his $2.66 million is now only worth $1.35 million.
Plus, he decided to be paid less than Jeff. His cash compensation is $1.74 million and factoring in for the loss of value in the 401K and assuming his other stock awards are underwater after 1 year as a CEO he might have made as little as $430,000.
Flannery Salary Details...
https://www1.salary.com/John-Flannery-Salary-Bonus-Stock-Options-for-General-Electric-Co.html
It's called "continuous improvement".
If you believe it, I'll sell you a bridge ....
GE DNA constant change so no leader has to live with his mistakes now called pivot.