Monday I finished the Vince Lombardi book (When Pride Still Mattered), but didn’t feel like choosing another book right away. So, I searched for books online & caught up on The Wall Street Journal.
The business press has been pounding GE’s former CEO, Jeff Immelt over his use of jets – or, more precisely, 2 jets. While CEO Immelt not only had one jet at his disposal, he also paid for a second jet that would fly along with the first. The idea was that if the first jet broke down, Immelt would have a backup on hand.
According to the article, Immelt claims that he didn’t know there was a second jet and that he discontinued the practice once he found out about it in 2014. GE’s board claims that it was in the dark about the practice and is investigating. In 2010, a blogger reported that 2 GE jets had landed at Butte, Montana, airport. At the time, GE offered a different explanation for the second plane – that it was for security.
I bet it doesn’t help the board’s mood that GE’s stock has lost over $125 billion in value this year. In my opinion, this likely will go down as a classic case of the entitlement mentality among CEOs.