Firing IMMELT is not the answer.

No one, even me, would have anticipated, that GE stock would be below 15 and even worse at 11.50. Many are panicking and are calls for the remove of JEFF IMMELT. I don't think this is the answer... it is like believing that OBAMA can do a better job than Bush.

There is no question that IMMELT and HIS DREAM TEAM.. probably selected the WRONG GO BIG/ GO GLOBAL strategy and continued to rely on GE Capital to MAKE THE NUMBERS. But I strongly believe that IMMELT had to change the Welch HARVEST/ GE CAPITAL strategy and try an regain some of the past GE INNOVATION successes.

In my book, I concluded that the IMMELT GO BIG strategy was vulnerable to two major issues.

• First was the fact that he had created UNREALISTIC EXPECTATIONS and had to DELIVER WHAT HE PROMISED EVERY TIME and in January 2008 he didn't and his CREDIBILITY COLLAPSED...then was the FINANCIAL and ECONOMIC meltdown which negatively impacted the WELCH dependence on GE CAPITAL to meet the numbers.
• Second, was the fact that "everything takes longer than expected". Immelt has bet on MAJOR, LONG CYCLE opportunities globally and even if he is right, which I think he is, electric power systems, health care, ecological products, will take time to develop.
  
  If IMMELT and his DREAM TEAM returns to SOUND STRATEGIC THINKING AND DECISION MAKING and MEET THE EXPECTATIONS HE HAS CREATED...the company will move ahead and gradually become a WINNER FOR ALL KEY STAKEHOLDERS...I AM BETTING HE WILL!!
  
  But if he doesn't adapt...admit mistakes... it not clear who will take over and do even as good a job...Bring in an OUTSIDER will make things even worse...
  
  SO LET US ALL HOPE AND PRAY THAT JEFF AND HIS TEAM WILL DO THE JOB..
  
  Bill Rothschild, author of the only objective and comprehensive assessment of GE successes and failures, the MC GRAW-HILL BOOK THE SECRET TO GE SUCCESS.