Maclean’s Interview: Jeffrey Immelt

Jeffrey Immelt is the chairman and CEO of General Electric, one of the world’s largest corporations, and a member of U.S. President Barack Obama’s Economic Recovery Advisory Board. Since the financial crisis he’s been an outspoken critic of corporate excess and failed leadership. But he has also faced criticism of his own from GE investors who’ve seen shares fall 60 per cent since he took over in 2001. Immelt spoke to Maclean’s during a visit to Vancouver for the Winter Olympics.

Q: In a speech at the West Point military academy in December, you said we’ve come through an era when business went from tough-mindedness, which is a good trait, to meanness and greed. What did you mean by that?

A: Over a period of time, not enough effort has been put forward to investing in the capability and long-term growth of the productive middle class of the United States. Less money has been invested in research and development and manufacturing, with more of a transition to financial services. When a country from 1980 to 2010 goes from being an export powerhouse to an unbelievably consumption-driven net importer, that’s not a good trend.

Q: Can it be reversed?
A: It’s going to take lots of spending on R & D, and a real dedication to making our workforce more productive again. Seven per cent of U.S. GDP is exports. In Germany, it’s 35 per cent. Germany’s not a low-cost country. Germany is not Mexico. And there’s no reason why the U.S. can’t have some kind of destiny that’s like that.

Red the Full Interview Here.