January 18, 2002 |
General Electric Co.'s fourth-quarter earnings rose 9.7% as it cut costs and sales fell for a third quarter in a row, with the U.S. recession hurting businesses such as plastics and broadcasting. Net income increased to $3.93 billion, or 39 cents a share, from $3.59 billion, or 36 cents, a year earlier, matching analyst estimates. Sales dropped 2.9% to $33.98 billion because the largest company by market value sold some operations, mainly in its GE Capital finance unit.
July 22, 2002 |
Britain's 10 highest-paid chief executives earned a combined $128 million in the latest financial year, according to a survey of pay among FTSE-100 index companies. Jean-Pierre Garnier, head of GlaxoSmithKline, earned the most--$31.95 million in base pay, bonus, shares and options--followed by Chris Gent of Vodafone Group, Bart Becht of Reckitt Benckiser and John Browne of BP, the survey by Bloomberg News showed.
October 12, 2002 |
General Electric Co. on Friday said third-quarter earnings rose 25% as NBC television and the sale of its Internet commerce unit helped offset sluggish plastics demand and weakness in its key aerospace and power markets. GE executives said they expect solid growth next year but plan aggressive cost cutting throughout the company. They said GE power systems, whose business has slowed after a long boom cycle, faces "dramatic restructuring."
December 5, 2003 |
General Electric Co. unveiled a sweeping reorganization of its companies Thursday as Chairman Jeffrey Immelt continued a push for the return of 10% annual profit growth with a lineup that favors media, transportation, health care and advanced materials. In an e-mail sent to GE employees, Immelt said he wanted to streamline the corporation's divisional headquarters while emphasizing GE's future as a technology, services and finance company.
March 4, 2008 |
General Electric Co. boosted Chief Executive Jeffrey Immelt's total compensation 9.7% last year to $19.6 million as he sold lagging units including plastics and sub-prime mortgage while investing in faster-growing industries such as oil and commercial finance. Immelt, 52, also got 215,000 shares of stock valued at about $7.28 million tied to cash flow, half the payout he would have received if GE outperformed the Standard & Poor's 500 index in five- and two-year periods.
September 15, 2008 |
General Electric Co. said its financial services units didn't need to raise external capital, affirmed its profit forecast for the commercial real estate unit and said its consumer-finance division, GE Money, had "adequate reserves." Profit at the finance units, collectively known as GE Capital, was $5.2 billion in the first half of 2008, General Electric said in a memo posted on its website in an effort to reassure investors amid "extraordinary market conditions." Last week, the U.S. government took over mortgage lenders Freddie Mac and Fannie Mae. Separately, Bank of America Corp.
July 27, 2002 |
General Electric Co. on Friday announced a surprise shake-up of its profit-driving financial services arm, splitting GE Capital into four separate parts in a bid to give investors a sharper picture of the unit's operations and results. GE Capital, which generates 40% of GE's earnings, will be split into insurance, commercial finance, consumer finance and equipment units, each reporting to GE Chief Executive Jeffrey Immelt and Vice Chairman Dennis Dammerman.
February 14, 2012 |
General Electric Co., one of the country's largest conglomerates, launched a four-day conference about ways to spur the American economy by promising to hire 5,000 veterans over the next five years. The declaration is one of many that GE made Monday as it began welcoming senators, mayors, governors and executives from companies such as Boeing Co., Dow Chemical Co. and Google Inc. to its Washington confab. As part of the hiring initiative, the Fairfield, Conn., company pledged to join with the U.S. Chamber of Commerce to train veterans in 50 cities.
September 26, 2010 |
Comcast Corp. and General Electric Co. announced Sunday that Comcast's No. 2 executive, Steve Burke, would become chief executive of NBC Universal when the merger of the two companies is completed. Burke, 52, will succeed Jeff Zucker, who announced Friday that he would step down when Philadelphia-based Comcast assumes control of GM, which is expected to happen late this year or early 2011. Zucker will stay on for the next few months and work with Burke to attempt a smooth transition.
March 29, 2012 |
When Tim Cook took over the helm at Apple Inc. in August, many wondered how he would set himself apart from his predecessor, the formidable Steve Jobs. But a new study that ranks Cook as the country's top-rated chief executive suggests that he's doing just fine. Cook landed a 97% approval rating from employees, according to careers website Glassdoor -- the same rating Jobs had when he stepped down from the CEO post. In his short tenure, Cook has unveiled the new iPad and the iPhone 4S and has instituted a new quarterly dividend for shareholders.