Now that former CEO Jeffrey Immelt is fully out of the General Electric picture as both CEO and chairman of the Board of Directors, his replacement, John L. Flannery, is working to cut the costs many said would be among his first priorities.
The Wall Street Journal on Wednesday revealed (paywall) some of the excess under Immelt, the most sensational being that he sometimes had an empty corporate jet follow the one he was flying in, in case there were delays or mechanical problems. A GE spokewoman justified the practice by telling the newspaper that the “two planes were used on limited occasions for business-critical or security purposes.”
Whether or not the double-jet travel (what was Immelt going to do if his plane had problems – parachute to the other one?) was justified can be left to the judgment of the reader and … Read More ➡