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The high-level people present actually knew that he never concealed his contempt for his chosen successor.
This may seem strange, but it is the truth.
Welch was so outraged by Flannery's mismanagement and strategic management failures in the power business that Apple's Tim Cook, whom he disliked, was now on the board. Said he hated Cook.
Welch, grimacing at the news of GE's deal with Apple, said he gave himself an A for his ability to operate at his old company and an F for his choice of successor.
At this time, Cook pointed to a 60-year-old but younger-looking attendee and said: "Larry Culp, as the former CEO of Danaher, we believe that he will bring success for more than a decade. , offering new hope to the struggling industrial conglomerate."
"Danaher is now one of the largest technology conglomerates in the world, Larry is a proven executive with a long track record of exceptional execution, and the board's package to attract Larry is absolutely tied to performance."
As soon as these words came out, for Immelt, Welch and other people who promoted their preaching and career in Crotonville, the sudden arrival of Larry Culp undoubtedly pierced a far-reaching influence of this industrial group. belief.
That is: GE Group can train the world's greatest managers, no matter what they run, they will run it better than others.Yet when the company they love needs them most, these heirs to Edison's wisdom are helpless.
The last CEO of the last large industrial group in the US will be an outsider. This is the cruelest ending.
"I don't know if the company can turn itself around, but I hope the new leader can create a new General Electric." Jack Welch Sr. The old chairman knew that Larry Culp's promotion was inevitable , His arrival also heralds the ushering in the era of the post-ge group.
Cook gave Jack a compliment, and then boasted without hesitation: "I believe that Larry has been at the helm of Danaher for 14 years and has earned a reputation for being a master of trading skills and prudent spending. Larry While at the helm of Danaher, he was known for his intimate knowledge of each subsidiary."
"He will not recruit executives to report to the headquarters, but will go to the subsidiary in person and walk into the workshop to understand the business."
"From the board's perspective, Larry's criticisms revealed a larger problem, which was Flannery's inexperience and inability to run a company he was yet to learn."
"While dealing with the ongoing crisis, Flannery believes that some important issues that have been overlooked before have been examined, such as the best spending plan for ge."
In fact, a group of people on the board of directors are already considering replacing him, only allowing him to retain a seat on the board of directors, or leaving him at will. Flannery's behavior is too radical.
The board of directors worried that he would not be able to do the job, and the ge group had no room for mistakes. Even a normal and controllable trouble could lead to disaster.
Especially Apple, who tied his wealth and life to Ge, was even more frightened.
However, as the attack resulted in the accidental death of John Flannery, no matter what, it cannot be changed now that he only sat at the top position of GE Group for 15 months, which is the shortest CEO in the history of General Electric GE.
It was replaced by Larry Culp. The board of directors will vote next, which is actually just a process. The two "outsiders" Apple and Berkshire Hathaway have already obtained complete control over the GE Group. control.
There is no doubt that Larry Culp successfully succeeded John Flannery as the new CEO of the GE Group.
And for this, he signed a stock contract of up to 3 million U.S. dollars, and will receive a salary of up to 2100 million U.S. dollars in annual salary, bonus and stock in the next four years.
Starting next year, the ge group will provide Culp with a salary of $250 million, a bonus of about $375 million and equity awards worth $1500 million.
But that's not the best part for the new CEO, whose payday would also be around $50 million if the stock rises more than 4700%.
If it goes up further, he gets paid more, and if ge's stock goes up 150%, it's $3 million.
Although the remuneration is extremely generous, the money is not easy to earn, even though the current Ge Group has become the industrial giant with the largest cash reserves in the world because of the joining of two outsiders.
But GE hasn't turned around as quickly as board seats have so far.
Larry Culp has just been appointed as ge by the board of directors, and he will officially announce the news next Monday, and everything is ready.
But at the moment when the meeting was going on, the secretary of the board of directors' cell phone vibrated in his pocket, and then he went out quietly.
The status, definition, and functions of the secretary to the board of directors and the secretary to the chairman are quite different.
The secretary of the board of directors is a senior executive of a listed company, responsible for company information disclosure, investor relationship management, internal management of equity affairs, corporate governance, equity investment, preparation of the board of directors and shareholders' meeting, etc.
Not long after he went out, Secretary Ge came back again. The difference from going out quietly before was that he suddenly pushed open the door and entered, his frightened expression was not concealed.
The first thousand and 650 chapters and nine shocking news
Ge secretary looked around at the participants, and his wandering eyes fell on the two board members. They were from Morgan and First Citigroup, and they were also one of the major shareholders of ge, with shareholding ratios of 4.8% and 5.7% respectively. %, in addition to the two major consortiums also hold shares in Apple.
His gaze disliked First Citigroup and the directors of the Morgan family, and they couldn't help frowning, but they didn't say anything.
"Just now, everyone, ge's stock plummeted by 17%, and it is still out of control like a flood."
"What?" All the shareholders attending the meeting were shocked, and the GE secretary continued tremblingly: "But compared to another shocking scandal that swept across the United States in an instant... oh... my God... it's very I'm sorry everyone... I... I'd better turn on the CNN news..."
"Turn on CNN and switch the screen to the main screen of the meeting!" Cook said decisively, staring at GE's board secretary, then turned his head to look at the huge main screen, with a sense of foreboding already shrouded in his heart.
But at this moment, the eyes of all the people present suddenly widened, and the two members present represented First Citigroup and the Morgan family.
It was at this moment that the hairs all over his body stood on end, his eyes suddenly fixed on the news headlines on the big screen, and his heart was already full of turbulent waves.
The audience was silent except for the news reporter from CNN.
"The shockingly horrible news..."
"The commentary bashing against the conglomerate family is going on like crazy."
"Morgan-Family hosted a press conference earlier today..."
"Mr. Morgan, what is your response to the allegations of the St. Francis terrorist attack? Using foreign killers."
"I assure you, those rumors are all slanderous and irresponsible slanders against us, and we will definitely pursue them to the end."
"Sir, do you still uphold the ideas of Freemasonry and take the great spirit of American freedom and independence as the basic principle?"
"There is no doubt about it. What we have always pursued is not only personal wealth and reputation. We have a bigger and more ambitious ideal, that is, the United States must become the strongest country in the world and uphold the spirit of freedom and independence of the American people."
"Then how do you explain the content of this passage?"
(Reading the intercepted signal code index 1800 to 6800... This is Orlander, the units are ready, we have laid a net all over San Francisco)
(Isn't it a bit big to play? That would cause tens of thousands of casualties...)
(All the plans have been carefully deployed after all the resources of our major consortia have been exhausted. People will only find out that this is an attack by terrorists. Believe in our secrecy measures. Did you hear the order? Please execute it!)
"I... I... This is slander, I will not tolerate this kind of thing wantonly slandering me... This is the end of the interview!"
……
At the scene of the board of directors, all the senior executives of GE were shocked and said nothing. At this moment, any words seemed pale and powerless, and they could only respond in silence.
"Bastards, you ruined GE!" A director at the scene finally broke out. He took off the leather shoes under his feet and threw them directly at the shareholders of the Morgan family. He was caught off guard and hit his forehead with the heel on the spot. pack it out.
Because at this moment, GE's stock has plummeted by 30%, and it is still pouring.
A group of irrational shareholders fought with Morgan and First Citigroup directly at the meeting, and GE's board of directors was also in chaos.
There is no such thing as a gentleman's self-cultivation at this moment, and the other leather shoe is also thrown over, but the shareholder members of First Citigroup responded quickly and avoided this section, and anyone who can throw can be thrown.
The 88-year-old Jack Welch was expressionless, and his personal assistant supported him to leave the table silently.
Who can sit on the board of directors is not a cunning fox. This seemingly irrational move has no gentleman's restraint to fight.