Obama Picks GE CEO Immelt to Lead New White House Economic Panel
Media reports say that President Obama will officially name Immelt when he visits a GE facility in upstate New York.
But is Immelt the right person for the job? Or would he be better off focusing on GE, a company that has faltered under his leadership? GE may be a large conglomerate with businesses that operate around the globe, and this may give Immelt a special perspective. But the company is hardly a shining example of the best of American business. Its financial services division has been troubled and it has failed in its attempt to turnaround its entertainment division NBCU, the controlling interest of which was recently sold to Comcast (CMCSA).
GE's shares traded at $40 when Immelt took the job as CEO. The stock price is now about $18. GE has sharply underperformed the DJIA over that period. The company continues to have substantial problems. Perhaps Immelt would be better off spending full time on his day job.