Charles Coffin
Answer 1:
Charles Coffin had managed C. A Coffin and Company for ten years and had widespread recognition for his managerial abilities. When he joined Thomas-Houston, Coffin introduced the incorporation of the subsidiary United Electric Securities Company. He used this company to attract investment by accommodating the securities of the fledgling utilities as payment for its electric equipment (Shekshnia et al., 2018).
Answer 2:
In 1893, crises in the railroad caused a stock market crash and triggered a worldwide financial crisis affecting the GE bonds and stocks value.
Answer 3:
The key opportunity available was electricity as a new and unproven technology. Coffin used it in an innovative way to attract investors by United Electric Securities and later expanded it by merging both companies to form General Electric.
Answer 4:
Coffin was an experienced professional executive, and he understood the need for innovation for the sustainability of the company, especially after the financial crisis of 1893. In 1895, the company introduced steam turbine production and x-ray equipment.
John F. Welch, JR
Answer 1:
John Welch was a junior engineer, and he inherited a heavy company from “Reg” Jones, comprising 350 businesses.
Answer 2:
When he took charge as a CEO, he sold 117 businesses, signifying 20 % of the company’s assets. These businesses would serve as a barrier to competitors, but he sold them, and the company faced an aggressive downsizing.
Answer 3:
This extreme downsizing earned him a cost-saving and significant workforce rationalization.
Answer 4:
He implemented the Six Sigma quality program (Laureani & Antony, 2018) and expanded the business by making 993 acquisitions worth over $130 billion. This dramatically increased the balance sheet of the company, making it the largest non-bank financial organization in the world.
Jeffry Immelt
Answer 1:
Jeffry Immelt joined the company in 1982 after completing his MBA at Harvard.
Answer 2:
The key challenge was to maintain the position of the company as the largest non-bank financial corporation.
Answer 3:
The company was making exceptional progress, and to sustain its success, Jeffry focused on its industrial roots. He worked on acquiring industrial companies, divesting non-core businesses, increasing spending on R&D activities, and prioritizing globalization.
Answer 4:
He strengthened GE’s industrial position through targeted acquisitions such as wind turbine manufacturers and corporations specializing in oil and gas production.
References
Laureani, A., & Antony, J. (2018). Leadership–a critical success factor for the effective implementation of Lean Six Sigma. Total Quality Management & Business Excellence, 29(5-6), 502-523.
Shekshnia, S., Kravchenko, K., & Williams, E. (2018). Class 4: Experience—Three Dilemmas for Would-Be CEOs. In CEO School (pp. 37-52). Palgrave Pivot, Singapore.
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