Jeff Immelt Biography & Net Worth
|Popular Name:||Jeff Immelt|
Jeffrey Robert Immelt
|Birth Date:||February 19, 1956|
Cincinnati, Ohio, United States
|Profession:||Businessman, Entrepreneur, Investor|
|Net Worth:||$170 Million|
|Last Updated:||December, 2020|
Jeff Immelt is an American businessman who currently works as an enterprise partner at New Enterprise Associates. He stepped down as Chief Executive Officer of the United States-based conglomerate General Electric (GE) on 1 August 2017 and retired from his post as the chairman of the board of GE on 2 October 2017. He was selected as the CEO of General Electric by their board of directors in 2000 to take the place of Jack Welch upon Welch’s retirement from the company. Previously, Immelt had headed the Medical Systems division of GE (now known as GE Healthcare) as its president and Chief Executive Officer. Heading strategic positions in several firms over the years of his career has led to the accumulation of Jeff Immelt net worth. Read on to find out more about this billionaire’s biography, personal life, and how he has managed to turn out successful in the world of business.
Jeff Immelt’s Early life
Jeffrey Robert Immelt was born on February 19, 1956 in Cincinnati, Ohio, United States. He is the son of Joseph Francis Immelt, who was in charge of the General Electric Aircraft Engines Division (“GEAE” is now known as GE Aviation), and Donna Rosemary (née Wallace) who worked as a school teacher.
He attended Finneytown High School and was a football player during his days in college. He attended Dartmouth College and graduated in 1978 with an A.B. in Applied Mathematics and Economics.
During his years at Dartmouth College, he worked part-time on a Ford assembly line in Cincinnati. After graduating from college, he worked for Procter and Gamble before bagging an MBA at Harvard in 1982.
Jeff Immelt’ Career
Following his graduation from Harvard, Immelt joined General Electric in 1982. He held several progressively more senior positions in the company’s plastics, healthcare business, and appliances. In 1989, he became General Electric’s officer, and became a member of the Capital Board of the company in 1997. He took the position of the leader of G.E. Healthcare leadership before becoming the Chief Executive Officer (CEO).
The race for the slot of CEO that Jeff won started when Jack Welch asked Gary Wendt to resign from his position, following the thoughts that he would outshine Welch’s candidates. Gary was the head of General Electric’s Financial Services Inc and led a $41 billion empire. Jeff outshined a close associate of Jack Welch named Robert Nardelli, and was selected to replace Welch as the company’s CEO in November 2000 by the Board of General Electric. Jeff worked as the chairman-elect and president of General Electric for ten months before becoming Chief Executive Officer and Chairman on 7 September 2001. He then retired three months before the stipulated date for his retirement.
Jeff Immelt is successful career personnel. Through his dedication to his career, he was able to climb rapidly in ranks and was able to leave a positive mark in every position he occupied throughout the duration of his career. Despite the economic chaos faced by General Electric during his time with the organization, he was able to move things around and his excellent leadership was good enough to change the status of the company, and got it listed among the most admired firms in terms of innovation and leadership.
He is currently involved with New Enterprise Associates As a venture partner.
Awards & Achievements
Jeff Immelt has received countless awards throughout his career. His ability to serve from the frontlines won him three Barron World Best CEO Awards. He also received the Man of the Year Award from Financial Times, and TIME listed him as one of the 100 most influential people in the world.
Personal Life & Family
Immelt is a proud husband to Andrea Immelt, and a happy father to their daughter named Sarah. Initially, the family lived in New Cannan Connecticut, but moved to Boston in 2015. Despite being a focused business executive whose passion for business makes him dedicated to his work, Jeff Immelt also creates valuable time for his family, and never lets his work cause him to be absent when he is needed most.
Jeff Immelt Net Worth
After his retirement from General Electric, Jeff Immelt’s compensation has fluctuated significantly. As the Chief Executive Officer of General Electric in 2007, Jeff earned a total compensation of $14.2 million. In 2008, he earned a total of $5.7 million. In 2009, Immelt earned a compensation of $5.4 million, and his compensation nearly tripled to $15.2 million the following year. The business executive had a total five-year compensation of over $53 million through 2011, an income that was ranked 6th among executives employed by United States-based conglomerates. Some components of Jeff’s total compensation package over the last decade have been newsworthy. In some years was paid no bonus, and in others he was granted stock options at $0. In 2014 he received a total compensation of $18.8 million, a decline from the $21 million compensation he received in 2013.
Jeff Immelt net worth is currently estimated at $170 million. He got most of his income for being the CEO and chairman of board at General Electric. During his peak years at the firm, he earned a salary of $20 million annually. As a wise businessman, he spent large amounts of money on stock buybacks at prices that would eventually prove to be very expensive. Following his retirement from G.E in October 2017, Immelt had a whopping $85 million in pension repayment alone. He also makes public appearances and gets paid for it, and also makes extra cash by monetizing himself on social media platforms.