Jeffrey Immelt GE

Among the corporate results announced last week was that dragon on the corporate landscape, GE. No stranger to the concept of embracing failure as I have already posted about on their leader emeritus Jack Welch. Welch’s protégée Jeffrey Immelt carries on the tradition as reflected in a USA Today cover story interviewing him((thanks Dad) “GE Sees Growth Opportunities”…

  • “The only way to run a company like GE, without size and mass and everything is: Bad news has to travel as fast as good news. You have to have a management team and culture where people are trained to give you the bad news on losses, bad news on what’s going on in the markets.  When you find something that doesn’t work, exit immediately. And that’s what we did here. Look, if you run a big company, you’re going to make mistakes. We bought Kidder Peabody in the ’80s, sold it in the ’90s. We got stuck on auto loans in the late ’90s. We had a private-equity book in the late ’90s. At GE, we tolerate failure, but we don’t tolerate a lack of learning. So, basically, we only let you make the same mistake once. That’s the only way you can learn, I think, in a successful company of any kind.”