The areas that Welch opened up during his tenure were Business Financial Services, Consumer Finance, Industrial, Infrastructure, Healthcare, and NBCUniversal. Of these, GE Consumer Financial Services provides credit services and financial products such as private credit cards, personal loans, bank cards, auto loans and leases, mortgages, group travel and purchase cards, bill consolidation, home equity loans, and credit insurance to consumers, retailers, and automobile dealers around the world.
Introduction to General Electric
1. Corporate Overview
General Electric Company of the United States is the world's largest diversified service company, from aircraft engines and power generation equipment to financial services, and from medical imaging and television programs to plastics, GE is committed to From airplane engines to power generation to financial services, from medical imaging to television programs to plastics, GE is committed to creating a better life through a wide range of technologies and services.GE operates in more than 100 countries around the world and employs nearly 300,000 people globally.
Mr. Jeff Immelt has been chairman and chief executive officer of GE since September 7, 2001, succeeding Jack Welch.
2. Product Segments
General Electric's seven engines of growth generate 85% of profits, Consumer Finance Group, Business Financing Group, Energy Group, Healthcare Group, Infrastructure Group, NBCUniversal, and Transportation Group; and four cash-growth sites continue to generate cash flow and earnings in a growing economy: High-Tech Materials Group, Consumer & Industrial Products Group, Equipment Services Group, Insurance Group.
3. Companies
GE Capital, GE Aviation Financial Services, GE Commercial Finance, GE Energy Financial Services, GE Financial Services, GE Funds, GE Technology Facilities, GE Aviation, GE Enterprise Solutions, GE Healthcare, GE Transportation, GE Energy Facilities, GE Water Treatment, GE Oil & Gas, GE Energy GE Consumer & Industrial, GE Equipment, GE Lighting, GE Power Distribution.
Expanded Information
Welch's Contributions to GE
1. Market Capitalization Climbing
From 1981, when Welch assumed the presidency, to 1998, GE's major indicators have been Maintained double-digit growth. During this period, GE's annual earnings grew from $25 billion to $100.5 billion, net income rose from $1.5 billion to $9.3 billion, and the workforce was cut from 400,000 to 300,000 employees. By the end of 1998, GE's market value exceeded $280 billion, and it has been ranked on the "Fortune 500" for many years.
The 1998 results generated $10 billion in free cash flow, which, combined with the company's AAA-rated debt facility, enabled it to invest $21 billion in 1998 to acquire 108 companies to support two of its three companywide initiatives: globalization and services.
2. Increased Shareholder Earnings
In terms of shareholder earnings generated, neither Microsoft's Bill Gates, Intel's Andrew Grove, Warren Buffett, or Wal-Mart's retail king Sam Walton can compare to Jack Welch. GE shareholders have owned more than $17 billion in GE stock through the company's savings plan. in 1998, GE stock had a total return of 41 percent per share; over the past 18 years, GE has given shareholders an average annual return of 24 percent.
Baidu Encyclopedia - Jack Welch
Baidu Encyclopedia - General Electric Company