GE and it’s empty plane
GE’s ex-CEO, Jeff Immelt used to have an extra private plane fly behind his when he went on his overseas trips. The story was so shocking to me I didn’t believe it. Upon further thought, I figured there must be a security reason considering he flies around the globe, or it was common to have in case of a breakdown. I was wrong.
Multiple experts have been interviewed regarding the security and plane malfunction and all have strongly disagreed with the need for a backup plane. Security experts cite that he doesn’t really travel to places that high risk, and that for a back up, most would take a charter or commercial flight.
In a letter released to the press, it seems clear the stupidity that exists at GE and with it’s former chief. First, he clearly acknowledges that when he took over as CEO, GE had company paid apartments in New York, golf memberships, and that the executive planes were initially 2 large 737 jets. He said he did end up cutting these to save the firm money, but it shows the bloated budget GE has in its genetics.
He later goes on to say that other than ‘hello’ he never talked to anyone at Corporate Air in 16 years. You’re CEO of a company for 16 years and all you have time for is a hello? How about ‘hey, why are there always 2 jets when I’m at the runway?’ Or, how about asking how Corporate Air works at GE. I’m not saying a powerpoint, but a simple conversation would have probably brought it up. It wasn’t until a whistleblower brought it up that it stopped.
It seems like GE has many layers of reporting and management failure on this issue. I wonder how many other small items are costing shareholders millions of dollars a year in waste. Something about private jets and $4 million dollar condos seems to put CEO’s out of touch with the ordinary person. The people that buy their products. The old world mentally of being everyone is getting judged harshly by society. People love hearing about Jeff Bezos beind driven to work by his wife in his ’96 Honda Accord.
How would you like CEO’s to travel? Do you think there should be more corporate disclosure on CEO and executive travel and costs?
