How Jeff Immelt Lead General Electric Through 9/11 & 2008 | The Knowledge Project 116 | Summary and Q&A

TL;DR

Former GE CEO shares stories of leadership, navigating crises, and the importance of making decisions in a complex and ever-changing business landscape.

Key Insights

• 😨 Leaders need to absorb fear and instill confidence in their teams to achieve success.
• 😤 Education and team sports can provide valuable skills for problem-solving and resilience.
• 😨 The financial crisis was an extremely challenging period, filled with fear and uncertainty.
• 🍉 Navigating crises requires a balance between short-term and long-term thinking.
• ⌛ Transparency, empowerment, and effective communication are essential for leadership in times of crisis.
• 🉐 The size of a company can be both an advantage and a hindrance to decision-making.
• 🌍 Recognizing the importance of strategy and domain expertise is crucial for success in today's complex world.

Transcript

and he and i almost got in a fistfight um you know it's so funny because it speaks to everybody so we're going to gm i'm with my sales manager we're sitting in the car the four-person car the phone rings my secretary's online she says mr welch's on the phone so so we're in the parking lot and he's screaming he's he's saying um what do you what do y... Read More

Questions & Answers

Q: How did the intense phone call with Jack Welch impact your leadership style?

The phone call taught me the importance of absorbing fear and leading with confidence. It made me realize that as a leader, it's crucial to transmit the signal that the work being done truly matters, instilling confidence in the team to get things done.

Q: How did your background in math and football shape your career and decision-making abilities?

The combination of being a math major and a football player taught me problem-solving skills, an affinity for ambiguous situations, and how to handle failure. These skills and experiences have been instrumental in my 40-year career.

Q: How did you navigate the challenges of leading GE through various crises, such as the financial crisis?

The financial crisis was an extremely challenging time filled with fear and uncertainty. One of the hardest parts was managing the constant media scrutiny and second-guessing. It took perseverance, confidence, and effective communication skills to guide GE through the crisis.

Q: What were the key lessons you learned from your tenure at GE, especially during times of crisis?

Some key lessons include the importance of balancing short-term and long-term thinking, being transparent about business challenges, empowering trusted team members, and embracing the role of communication in absorbing fear and providing direction.

Summary & Key Takeaways

• The former CEO of GE discusses an intense phone call with his predecessor, Jack Welch, and how it taught him the importance of absorbing fear and the need for confidence to make decisions.

• Reflecting on his background as a math major and football player, he highlights the value of problem-solving skills and resilience gained from education and team sports.

• He shares insights into his experiences leading GE through major crises such as the financial crisis, where fear and uncertainty were overwhelming, and the challenges of steering the company through changing times after a successful leader.