Motley Fool Money Best-of: William Cohan on GE’s Legacy
Jul 1, 2023
William D. Cohan, a Founding Partner at Puck and author of "Power Failure," discusses General Electric's storied past. He delves into the contrasting leadership styles of Jack Welch and Jeff Immelt, shedding light on Welch's pursuit of consistent earnings. Cohan also uncovers the myths surrounding GE's beginnings and pinpoints its demise. He argues that a merger between Warner Bros. Discovery and NBCUniversal is inevitable, reflecting on the challenges facing major media giants today.
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Edison's Limited GE Involvement
- Contrary to popular belief, Thomas Edison played a minor role in GE's founding.
- He opposed the merger, quickly sold his resulting stock, and never held an executive position.
CEO Succession Challenges
- CEOs often struggle with succession planning due to psychological factors.
- They may subconsciously select successors who won't outshine them, or they may misjudge candidates' true abilities.
Welch's Leadership Paradox
- Despite Jack Welch's abrasive reputation, many former GE executives praised his leadership.
- They valued his support, encouragement of dissent, and the opportunities he provided.
