Introduction General Electric, (GE) the 1892 brain child, and merger of two companies Thomson-Houston Electric and Edison General Electric. Early on the main products included light bulbs, motors, toasters, elevators, and other appliances. From the humble beginnings the General Electric Company (GE) has grown into a monolith. The company now manufactures products such as engines for airplanes, petroleum production equipment, power and nuclear generators. Also GE is a common household name and has
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General Electric (GE) was one of the most severely hit companies during the financial crisis of 2008. The conglomerate was broadly expanding into the financial services sector in order to take advantage of the opportunity. However, as the financial meltdown started, the stock started losing value rapidly and the company lost more than half of its value. Over the past two years, GE has made substantial recovery in its business; as a result, the stock price has shown considerable recovery. Going forward
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He is a strategic thinker, business teacher, a corporate icon, and management theorist. If leadership is an art, then surely Welch has proved himself a master painter. With his unique leadership style and character, Welch made history during his 2-decade journey at General Electric (Twelve Lesson, 2015). While most leaders talk a good game about leadership, he lived it. Welch performed several leadership roles consisting of setting goals, values, managing, achieving workable unity, motivating, explaining
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GE’s Two-decade Transformation: Jack Welch’s Leadership « We Bring Good Things To Life ». This is how General Electric (GE) defined its activity, in general terms, between 1979 and 2003. During this period, and more precisely from 1981 to 2001, Jack Welch was the company’s CEO. This previous advertising slogan, designed by the advertising firm BBDO, largely contributed to GE corporate identity; indeed, according to Baer Performance Marketing, “When you hear the name General Electric, […] “We
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challenge did Welch face in 1981? How effectively did he take charge? When Jack Welch accepted the position of CEO of GE in 1981 he faced a number of looming challenges which firstly included taking the reins of the company following a complete reorganization by a strong, successful predecessor. The second major challenge he faced was the new globalized marketplace in which GE had to compete. Welch had to act fast before GE's territory was taken over by global growth from foreign companies. The
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GE’S Two-Decade Transformation 1.How difficult a challenge did Welch face in 1981? How effectively did he take charge? When Jack Welch assumed as CEO of GE in April 1981, he had the challenge of revitalizing the competitiveness and productive competency of the company. In 1981 the economy was in a recession and high unemployment combined with high interest rates exacerbated GE’s problems. GE needed to be restructured and this entailed the modernization and streamlining of operations, downsizing
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Change Management GE’s Two Decade Transformation: Jack Welch’s Leadership Answer 1 In April 1981, when Jack Welch became the CEO of GE, US was in recession. There were high interest rates. Strong dollar resulted in country’s highest unemployment rates. In this rapid changing and uncertain environment it was extremely difficult task for him to handle a conglomerate as big as GE and ensure that general confidence among the investors is not lost. His predecessor, Reg Jones, had set the bar extremely
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Entrepreneurial School of Thought This school sees strategy formation as a visionary process and is fell under the descriptive school of strategic management. The chief architect of the strategy is the CEO of a company. This school took formal leadership seriously and CEO is responsible for strategy formulation. It stressed on mental state and processes such as instinctive knowledge, belief, wisdom, experience and insight of a single leader. The leader should be visionary in formulating strategy
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of their initiatives (installing new technology, downsizing, restructuring, or trying to change corporate culture) have had low success rates. The brutal fact is that about 70% of all change initiatives fail (Beer, 2000). This paper will discuss the two change theories E and O. Final Exam Research shows that the reason for most change initiative failures is that in their rush to change their organizations, managers end up immersing themselves in an alphabet soup of initiatives. They lose focus and
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Information Technology Transformation - Airline Industry Introduction Information Technology has changed the way airlines sell their products and services over the last decade. No longer does one have to engage a travel agent to book a flight. Airline branded websites now allow consumers to book a flight online while travel portals such as Expedia, Priceline and Orbitz enable travelers to search airlines’ databases for the lowest fares. This paper will examine how the airline industry is using
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