Hot Seat

Hard-Won Lessons in Challenging Times

By: Jeff Immelt, Amy Wallace

Narrated by: Robert Petkoff

The raw, inspiring story of Jeff Immelt's 16 years leading the iconic General Electric.

The former CEO of General Electric, one of the most influential CEOs, shares the ideas and values of leadership he learned through times of crises.

In September 2001, Jeff Immelt replaced the most famous CEO in history, Jack Welch, at the helm of General Electric. Less than a week into his tenure, the 9/11 terrorist attacks shook the nation, and the company, to its core. GE was connected to nearly every part of the tragedy - GE-financed planes powered by GE-manufactured engines had just destroyed real estate that was insured by GE-issued policies. Facing an unprecedented situation, Immelt knew his response would set the tone for businesses everywhere that looked to GE - one of America's biggest and most-heralded corporations - for direction. No pressure.

Over the next 16 years, Immelt would lead GE through many more dire moments, from the 2008-09 global financial crisis to the 2011 meltdown of Fukushima's nuclear reactors, which were designed by GE. But Immelt's biggest challenge was inherited: Welch had handed over a company that had great people but was short on innovation. Immelt set out to change GE's focus by making it more global, more rooted in technology, and more diverse. But the stock market rarely rewarded his efforts, and GE struggled.

In Hot Seat, Immelt offers a rigorous, candid interrogation of himself and his tenure, detailing for the first time his proudest moments and his biggest mistakes. The most crucial component of leadership, he writes, is the willingness to make decisions. But knowing what to do is a thousand times easier than knowing when to do it. Perseverance, combined with clear communication, can ensure progress, if not perfection, he says. That won't protect any CEO from second-guessing, but Immelt explains how he's pushed through even the most withering criticism: by staying focused on his team and the goals they tried to achieve. As the business world continues to be rocked by stunning economic upheaval, Hot Seat is an urgently needed, and unusually raw, source of authoritative guidance for decisive leadership in uncertain times.

A memoir of successful leadership in times of crisis: the former CEO of General Electric, named one of the 'World's Best CEOs' three times by Barron's, shares the hard-won lessons he learned from his experience leading GE immediately after 9/11, through the economic devastation of the 2008-09 financial crisis and into an increasingly globalised world.

©2021 Jeffrey Immelt (P)2021 Hodder & Stoughton Limited

Critic reviews

"Jeff Immelt has always been one of my leadership role models. He leads with head and heart. This book shows how leadership is a full contact sport and Jeff leaves everything on the field." (John Donahoe, CEO, Nike)

"Read this book. You'll be a better leader for it." (David Rogier, founder and CEO, MasterClass)

Completes a critical piece of the GE puzzle!

This book is the 3rd I have read on the subject.

Jeff Immelt had big shoes to fill after Jack Welch departed from GE. When studying an essential business subject like the spectacular rise and inexplicable fall of GE, you want to know the whole story; you want to listen to all sides, as there is always much more to a story than what the popular media would portray.

Jeff Immelt's book is a fascinating story of his time after he took over GE. You develop a deep appreciation of the pitfalls of the finance industry, which had mired GE. Initially, all stakeholders, shareholders, employees, leaders, and media were resounding in their support and loud against any criticism of the sacred cow that was the financial arm of GE.

Eventually, the euphoria gave way to the grim realization the financial arm had become the achilles heel of GE. The problems that GE surrounded itself in itself take decades to correct.

Jeff Immelt tried his best to shift the focus back to engineering innovation and create value in the global economy, which GE was most suited for due to its engineering talent and capabilities acquired over decades, especially in 2nd and 3rd tire emerging markets.

There are many lessons in this book for aspiring leaders on what to expect when heading such a brilliant team, an enormous organization with a wealth of history and capability, and similarly sized challenges.

A lack of long-term thinking can screw the most brilliant teams and companies. Having organizational values and sticking to them is essential for large and small companies. Focus on long-term growth; it is necessary to be slightly laid back to the myriad of advice, feedback, and criticism you receive regarding what's cool in the industry. It is essential for clarity of thought, planning, and execution so, from all the information, you can distill what is truly important for your organization.

Don't plan, and don't aim for quick gains or what the stock market or short-term shareholders are saying. Have trust in your strengths and keep working on them; regardless of your existing size and strength, there is no other way. You are here because of your clients, today and in the future.
It was a fascinating read.