任职16年，伊梅尔特交出了怎样的成绩单?

2001年，当45岁的杰夫·伊梅尔特成为通用电气（General Electric）的首席执行官时，投资者都怀疑他能否达到他的前任、“美国企业高管界的迈克尔·乔丹”——杰克·韦尔奇的高度。

这点很难确定，不过从数据上看，投资者确实认为伊梅尔特表现不佳：根据彭博社的数据，通用电气在2001年9月7日伊梅尔特上任时，市值超过1,500亿美元，而他接手以来，通用电气的股价已经下滑了近30%。而任职近16年的伊梅尔特即将在今年8月1日卸任的消息传出之后，通用电气的股价在周一的交易日上扬了接近4%。

尽管伊梅尔特带领着通用电气渡过了一些最艰难的时刻，9·11事件和金融危机都发生在他的任期内，但我们也很难忽略这16年里标普500指数显示的股市整体价格上涨124%，而公司股价却反而出现下滑的事实。类似的，标普500工业指数同期也上涨了134%。实际上，伊梅尔特接手以来，通用电气是道琼斯平均指数（Dow）上表现最糟糕的公司。

而与被誉为同期最佳首席执行官之一的韦尔奇相比时，伊梅尔特的数据就显得更加逊色。韦尔奇在1981年成为通用电气首席执行官时，与他一样也是45岁。不过与他不同的是，韦尔奇并未大刀阔斧进行“史诗般”的动作。尽管通用电气被看作是《财富》500强里管理最为出色的工业公司，但业界也认为公司的表现会大体符合市场走势，很难跑在前面。不过韦尔奇超出了他们的预期。

这位前任首席执行官在自动化上大力投资，并在头五年的任期内减少了10万个岗位。执掌公司20年间，通用电气的股价上涨了2,790%，超出了标普500指数的整体上涨值710%。而在此期间，通用电气的市值猛涨3,870亿美元，达到3,940亿美元。在《财富》500强榜单上，通用电气的排名也从1981年的第10名提高到2001年的第5名，收入上涨361%达到1,257亿美元。（如今，通用电气的排名是第13名。）

通用电气在不同首席执行官管理下的业绩

通用电气在杰克·韦尔奇的执掌下欣欣向荣，却在杰夫·伊梅尔特的领导下出现衰退。

首席执行官 公司股市表现 标普500市场整体表现 市值变化 收入变化

1 杰克·韦尔奇 2,790.70% 710% 3,870亿美元 361%

2 杰夫·伊梅尔特 -29.6% 124% -1,514亿美元 -5%

杰克·韦尔奇的数据从1981年4月1日起算，截至2001年9月6日；杰夫·伊梅尔特的数据从2001年9月7日起算，截至2017年6月9日。韦尔奇任期内的公司收入变化来源于1981年和2001年的数据，伊梅尔特任期内的公司收入变化来源于2001年和2016年的数据。

来源：彭博社数据

然而，韦尔奇对通用电气的金融服务公司通用资本（GE Capital）的依赖，最终也导致公司在伊梅尔特的任期内只有中流的表现。2008年，通用资本给公司贡献了42%的收入。在金融危机期间，通用资本几乎让通用电气崩溃，在股东的压力之下，公司削减了通用资本的规模，到2016年，它对公司的收入贡献只有大约8.8%。

在职权交接的2001年，通用电气的净利润为136亿美元，利润率为10.9%。2016年，通用电气的净利润减少到92亿美元，利润率为7.7%。（财富中文网）

译者：严匡正

When then 45-year-old Jeff Immelt was named CEO of General Electric (GE, -1.55%) in 2001, investors couldn't help but wonder how he would measure up against the "Michael Jordan of American business execs," his predecessor Jack Welch.

It's hard to say for sure, but when it comes to numbers, investors think that Immelt has fallen short: Shares of GE have plunged nearly 30% since he took the helm, with the company shedding more than $150 billion in market cap since Immelt's first day on the job on Sept. 7, 2001, according to Bloomberg data. Though GE's stock jumped nearly 4% in trading Monday on the news that Immelt would step down effective Aug. 1, after some 16 years as CEO.

While a case can be made that Immelt steered GE some of its most difficult hours, with the Sept. 11 attacks and financial crisis both occurring during his tenure, it's hard to ignore that while GE's share fell in his 16 year term, the stock market as measured by the S&P 500 has risen nearly 124%. Similarly, GE's cohorts on the S&P 500 Industrials Sector have risen 134% in the same period. In fact, GE's stock has been the worst performing on the Dow since Immelt took over.

His performance, numbers wise, looks even more lackluster when compared to Welch, his predecessor who has been hailed as one of the best CEOs of his time. Like Immelt, Welch was 45 when he assumed the chief executive role in 1981. But unlike Immelt, Welch wasn't following up an "epic" act. While that same year the company was considered the best-managed industrial company on the Fortune 500, GE was also expected to perform in-line with the economy and rarely above it. Welch defied those expectations.

The former CEO invested heavily in automation, in addition to slashing 100,000 jobs within his first five years. Over the course of his 20-year-run at the helm of the company, shares of GE jumped 2,790%, outperforming the S&P 500's 710% upswing. And between the time when Welch took on the mantle of CEO and when he retired, GE's market capitalization soared by $387 billion to $394 billion. On the Fortune 500, GE's rank jumped from 10th in 1981 to fifth in 2001 after revenue rose 361% to $125.7 billion. (Today, GE is ranked 13th.)

General Electric's Performance Under Different Chief Executives

While General Electric under Jack Welch soared, it shrank under Jeff Immelt.

CEO GE STOCK PERFORMANCE S&P 500 MARKET CAP CHANGE ($ BIL) REVENUE CHANGE

1 Jack Welch 2,790.70% 710% $387b 361%

2 Jeff Immelt -29.6% 124% -$151.4b -5%

Jack Welch figures based on data between 4/1/81 to 9/6/01. Jeff Immelt figures based on data between 9/7/01 to 6/9/17. Revenue for Welch based on annual data from 1981 and 2001. Immelt's revenue data is based on annual figures from 2001 and 2016.

Source: Bloomberg data

Still, Welch's dependence on the GE's financial services company, GE Capital, eventually helped contribute to the company's middling stock performance during Immelt's tenure. GE Capital made up about 42% of the company's revenue in 2008. Amid pressure from shareholders to pare down the business after it nearly took down GE during the financial crisis, GE Capital in 2016 represented about 8.8% of the company's revenue.

In the year that Welch handed the reins over to Immelt, GE posted net income of $13.6 billion, or a margin of 10.9%. In 2016, GE's profits had shrunk to $9.2 billion on profit margin of 7.7%.