Skip to main content

Now John Flannery’s Not Even Getting Paid For This Thankless G.E. Crap

What’s the point, really?
  • Author:
  • Updated:
By Stagophile (Own work) [CC BY-SA 4.0], via Wikimedia Commons

By Stagophile (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Chairman and chief executive officer of General Electric must have seemed like a dream job to John Flannery. Having worked at the General for 30 years, following in the footsteps of such giants as Jack Welch and Jack Donaghy was the ultimate goal. And then he got there and found out that his immediate predecessor, Jeff Immelt, had ruined it.

It gets worse: Instead of a big fat bonus check at the end of the year, Flannery and about 1,000 other GEers will have to make due with a whole lot more GE stock. Which is increasingly worthless, on account of the continuing torrent of news like this:

General Electric, the nation’s largest industrial company, cut its dividend on Monday, only the second time it has done so since the Great Depression.

The company announced before the start of stock trading that it would reduce its quarterly payout by half, to 12 cents a share from 24 cents a share.

On the bright side, Flannery may be getting to the bottom of how Immelt’s backup private jet went unnoticed for so long.

The company said it wants to be more transparent and will focus its reporting on more-streamlined measures that emphasize the amount of cash the company is generating.

“Simplification of metrics is going to be a huge focus going forward,” Chief Executive John Flannery told investors. “Complexity has hurt us.”

GE Scraps Long-Term Bonuses for CEO Flannery and 1,000 Managers [Bloomberg]
G.E. Cuts Dividend as New C.E.O. Moves to Streamline an Industrial Giant [NYT]
GE CEO Flannery Says Company’s Reporting Has Been Too Complex [WSJ]


By WRI Staff [CC BY 2.0], via Wikimedia Commons

Jeff Immelt Was John Flannery Before John Flannery Was John Flannery

And that means Jack Welch was Jeff Immelt before Jeff Immelt was Jeff Immelt.


John Flannery Starting To Quantify Disastrousness Of Jeff Immelt

The new GE CEO has crunched the last couple of years’ numbers and they look quite different from the old CEO’s numbers.

By WRI Staff [CC BY 2.0], via Wikimedia Commons

Jeff Immelt Can’t Bear To Watch What’s Gonna Happen To His Beloved G.E.

Even if he can’t be Uber CEO, he doesn’t have to be G.E.’s chairman for one minute longer.

GE penny

GE Would Probably Have Been Better Off Doing No Accounting At All

Assuming you can call whatever it is they did accounting, anyway.


New CEO of GE Thinks GE Is A Real POS

Looking at it now, John Flannery can't believe he even took this terrible gig.

By Eddie Maloney from North Las Vegas, USA (VP-BEN) [CC BY-SA 2.0], via Wikimedia Commons

Empty GE Airplane Did Not Follow Jeff Immelt Out Of Puppy-Like Dedication And Autonomously-Developed AI

We’re disappointed, too. But not as disappointed as Immelt or the people who simply signed off on the ridiculous system.