GE is a mythic corporation. It was at one time the largest, most powerful company in the world. Its founding story includes the innovator Thomas Ediso

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2021-06-17 01:00:02

GE is a mythic corporation. It was at one time the largest, most powerful company in the world. Its founding story includes the innovator Thomas Edison and financier J.P. Morgan. Its legendary CEO Jack Welch, who wrote five bestselling books on leadership, became a model for an entire generation of executives. When GE started using Microsoft software in our early days, that gave us a huge boost in the market, because GE was such a bellwether company.

It turns out that the word “mythic” is the perfect word for GE. The corporation has come crashing to Earth in one of the greatest downfalls in business history. Its workforce has been hollowed out, from 333,000 employees in 2017 to fewer than 174,000 at the end of last year. Its share price has fallen precipitously. In 2018, GE was dropped from the Dow Jones Industrial Average after more than a century in the index.

GE’s fall is not the result of innovators developing a better jet engine or wind turbine. It’s also not a case of outright fraud, like Enron. It’s a textbook case of mismanagement of an overly complex business.

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