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Good morning. My first question for Jeff Immelt after reading his raw recollections of life after GE on his new Substack, the Long View, was, why now? It\u2019s been nine years since Immelt suddenly stepped down as CEO\u2014a time that he described in his post as \u201cone of the saddest moments of my life.\u201d He\u2019s written a book about it, talked about it and moved on to a new chapter as a Stanford lecturer and venture partner at New Enterprise Associates. The conglomerate he led for 16 years no longer exists, split into three Fortune 500 public companies: GE HealthCare Technologies, GE Vernova and GE Aerospace. Having covered Immelt from the start of his tenure through the tough times and beyond, I was eager to know what moves him now and what he\u2019s learned along the way. We spoke yesterday by phone\u2014below are excerpts from our conversation.\u00a0<\/p>\n
Why now? \u201cOne of the things I learned when I did the book was to think about life in longhand, not bullet points. I take better notes. I think about things more fully. Other than the GE team, the people I spend the most time talking to are CEO friends of mine and (their questions) are: How did you find your way? What are you going to do? It\u2019s all about life stuff, so I thought about writing about that and just decided that a book was just too heavy a lift, given all the other things I want to do. So this is about wanting to think about the stuff I was doing in longhand, but also recognizing that the journey I had been on, millions of people were going on.\u201d<\/p>\n
On what he wants people to see as his GE legacy. \u201cI\u2019m completely past it. That did not come easily, by the way. And the second thing I\u2019d say is, look, I own a lot of stock. I\u2019ve kept my stock, I cheer for Larry, so I really have nothing other than wanting to support. Time\u2019s been my friend. Look at it now. Let everybody that\u2019s out there do their own analysis. I don\u2019t need to do it for them. Sometimes, things just take time to unfold \u2026 If there\u2019s a couple hundred CEOs and thousands of people who say, \u2018I\u2019m glad I worked with Jeff, he taught me, he helped me, he was there when I needed him\u2019\u2014that would make me really happy.\u201d<\/p>\n
On AI and tech: \u201cWhat\u2019s not being covered enough is: what does a company actually do to get the benefits of artificial intelligence? You need a more micro view. Healthcare inflation this year is 12%. There\u2019s a 500,000-nursing shortage. How could technology change that?\u00a0 \u2026 I lived all over the place, but I\u2019d never done Silicon Valley. I saw the willingness to bet big at scale, which I think all legacy companies struggle with today. It just smacks you in the face when you go out there:\u00a0 Apple, Amazon, Google, they are huge companies, and they still move quickly. When I play golf on Sunday mornings, they talk about the products they work on. They don\u2019t say, \u2018I\u2019m in an organization, I\u2019m a VP.\u2019 I find both those things refreshing.\u201d<\/p>\n
On leadership: \u201cYou live your life to prepare yourself for the worst day, not the best day. What does it really feel like to not have the success you want? There\u2019s no way to say that without talking about the bad stuff. I taught at Stanford for seven years, and I would watch the students, and they learn from the shit, you know, they don\u2019t learn from the good stuff, right? I have to say, having that in the back of my mind allowed me to open up and talk pretty frankly about what it felt like.\u201d<\/p>\n
Contact CEO Daily via Diane Brady at diane.brady@fortune.com<\/p>\n
Top leadership news<\/p>\n
How Delta plans to get passengers to pay more<\/p>\n
Delta Chief Commercial Officer Joe Esposito has been looking for new ways to push the airline\u2019s yearslong strategy to diversify its revenue away from main cabin ticket sales. Initiatives include testing 44 first-class seats on domestic flights and more partnerships with consumer brands. He is also looking to beef up Delta\u2019s travel services business, make in-flight meals more gourmet, and even service engines for rival airlines.<\/p>\n
Beware of the \u2018great flattening\u2019<\/p>\n
Citi CEO Jane Fraser\u2019s turnaround hinges on flattening management from 13 to eight layers and reorganizing the bank into five divisions that report directly to her, boosting speed, accountability, and performance. So far, it\u2019s hard to argue with the results. Flat organizations are all the rage at the moment, but experts warn de-layering efforts can backfire if they are just about cost-cutting or an attempt to demonstrate impact; structure matters less than culture, purpose, and relationships in making such overhauls stick.<\/p>\n
Software needs new price model<\/p>\n
Snowflake CEO Sridhar Ramaswamy sees the major software players beginning to sort the AI winners from the losers. His company\u2019s strong Q1 results validated its consumption-based pricing model and showed that traditional software can transition to AI compute, he told Fortune. \u201cIt\u2019s important to understand that all software companies are not the same.\u201d <\/p>\n
The markets<\/p>\n
S&P 500 futures are up 0.25% this morning. The last session closed up 0.22%. The STOXX Europe 600 was down 0.22% in early trading. The U.K.\u2019s FTSE 100 was down 0.20% in early trading. Japan\u2019s Nikkei 225 was up 0.91%. South Korea\u2019s KOSPI was up 3.68%. China\u2019s CSI 300 was down 0.98%. Hong Kong\u2019s Hang Seng was up 0.86%. India\u2019s NIFTY 50 was down 0.70%. Bitcoin was down at $73K.<\/p>\n
Around the watercooler<\/p>\n
I wrote that Boomers were choking America\u2019s economy. Their responses to me were revealing by Nick Lichtenberg<\/p>\n
After Blue Origin rocket explosion, NASA\u2019s entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon by Jason Ma<\/p>\n
Gen Z is rejecting $200 dates and choosing \u2018solo-maxxing\u2019\u2014and dating apps are taking a hit by Sydney Lake<\/p>\n
Arianna Huffington warns Gen Z that no one with an \u2018interesting job\u2019 can simply shut their laptop at 5 p.m.\u2014and if you can, you should change jobs by Orianna Rosa Royle<\/p>\n
This home-builder dropped out of high school and worked construction for $8 an hour\u2014by 22, he was making $200K from his trade empire by Emma Burleigh<\/p>\n
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.<\/p>\n
#ExGE #CEO #Jeff #Immelt #reflects #Substack #newsletter #hes #candid<\/p>\n","protected":false},"excerpt":{"rendered":"
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