Immelt could bring stability, respect back to Uber
Front- runner for CEO led overhaul of GE
Uber’s search for a new chief executive to replace ousted cofounder Travis Kalanick echoes with one name: former General Electric CEO Jeff Immelt. Crazy choice? Or inspired? The 61- year- old careerist in June announced plans to retire after 16 years, staying on as chairman until Dec. 31. He was known as much for his overhaul of GE as he was for the company’s underperforming stock, which fell more than 10% this year as the market reached record levels, and 33% over his tenure.
But if reports are to be believed, the veteran of one of the nation’s most storied corporations could be on tap to take over at a rule- busting tech start- up reeling from accusations of workplace sexism, lawsuits from rivals and feuding board members. That notion makes business experts enthusiastic. They note Immelt could provide timely professional oversight for a company that has riled regulators and rivals as well as allies, from employees to contractors to tech partners, during its 8- year ascent.
“I think the sun and moon and the stars have lined up on this one,” says Jeffrey Cunningham, professor of leadership at Arizona State University’s Thunderbird School of Global Management.
With his knowledge of the public markets, Immelt would be a solid candidate to guide Uber through an initial public offering. And while a far cry from the tech wunderkinds Silicon Valley prides itself on, Immelt does bring some tech chops. At 125- year- old GE, he launched a digital division and adopted start- up strategies, such as empowering subordinates to own their divisions. Those moves inspired GE to take on the slogan “the digital industrial company.”
Immelt may also counterbalance the influence of Kalanick, who still controls board seats and is supported by employees and investors who think his vision outweighs his missteps.
“Uber’s issues are significant, but they pale in comparison to what Jeff dealt with at GE, which included 9/ 11, the 2008 financial crisis, unfriendly media,” Cunningham says.
Uber and GE declined to comment for this story.