GE's CEO Speaks Candidly to Shareholders
Immelt says GE Aviation is poised to increase profits, calls for investments.
CINCINATTI -- Jeff Immelt, General Electric Co.'s chairman and CEO, accepted responsibility for the company's "tarnished" reputation on Tuesday in his annual letter to GE shareholders.
But the Cincinnati native said the global financial and economic crisis represents "an opportunity of a lifetime" as GE resets its business model. For investors who are focused on the future, "now is the time to invest in GE," he said.
Despite the current recession, GE's technology infrastructure segment, which includes Evendale-based GE Aviation (where Immelt's father was an engineer), is expected to increase profits in 2009, he said. The company expects some aircraft engine order cancellations, but those should be balanced by strong service revenues and cost reductions.
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