General Electric Company (GE) ranked 31 on the Fortune 500 list for 2017, even as its stock price has sagged after a series of negative quarterly earnings. General Electric is one of America's most recognized brand with a market capitalization of $63.67 billion as of Dec. 13, 2018. The company produces products ranging from toasters and clock radios to the GEnx jet engine for the Boeing 787.
On Oct. 1, 2018, GE announced that H. Lawrence Culp would replace John Flannery as Chairman and CEO of the company, effective immediately. Flannery was replaced after roughly one year in the position as mounting losses continued to pressure the company to make structural change. Between factory closings, employee layoffs, and business consolidations, GE has weathered its fair share of storms, but on Dec. 13, 2018 market analysts threw the company a bone. JPMorgan raised its two-year rating on GE to "neutral" from "underweight," causing GE to surge by 12.7 percent to $7.52 a share before market open. The run is set to become the company's largest one-day rally in more than five years. Later, on Dec. 19, General Electric surged more than 8 percent on news that the company had filed paperwork for a 2019 IPO for its health-care unit, GE Healthcare. A public offering would make GE Healthcare, which generated $19 billion in revenue last year, one of the largest public health-care companies in the world.
General Electric released their Q3 2018 earnings on October 30, 2018. The multinational conglomerate reported $29.6 billion in revenues this quarter, roughly a 4% fall from $30.1 billion over the same period last year. Here are General Electric's top four individual shareholders as of Dec. 13, 2018.
Jeffrey R. Immelt, Former Chairman and Chief Executive
Jeffrey R. Immelt was the chairman of the board and former CEO of General Electric. Immelt joined GE in 1982 to work in corporate marketing. Under Immelt’s leadership, the company pushed back against Connecticut Governor Dannel P. Malloy and the state legislature in response to a proposal to increase business taxes. Immelt stepped down from his position on Oct. 2, 2017 and is currently working as a venture partner at New Enterprise Associates. The former CEO remains the company's single-largest shareholder with 2.57 million shares of GE held directly and another 33,052 shares held indirectly through a 401(k) plan as of May 15, 2017.
Immelt holds a bachelor's degree in applied mathematics and economics from Dartmouth College and an M.B.A. from Harvard Business School.
John Flannery, Former Chief Executive
John Flannery became the CEO of the company as Immelt stepped down only to be ousted a year later. Flannery had been with the company for over 25 years and previously served as Senior Vice President of GE and the President and CEO of GE Healthcare. As of Sept. 11, 2018, Flannery owned 598,495 shares of GE directly and another 113,215 shares indirectly through a 401(k) plan. These numbers do not reflect any changes that may occur after his departure from the company.
Flannery holds a bachelor's degree in finance from the Fairfield University Doland School of Business and an MBA from the Wharton School of Business.
John G. Rice, Former Vice Chairman
John G. Rice was the vice chairman of General Electric, leading the company’s global operations based in Hong Kong until his retirement in December 2017. Rice began his career at GE in 1978 and has since worked in the company's Singapore, Canada, and Hong Kong divisions. Per a Sept. 9, 2017 filing with the SEC, Rice held 559,987 shares of GE directly and 38,394 indirectly through a 401(k) plan.
Rice holds a bachelor's degree in economics from Hamilton College in Clinton, New York.
Elizabeth J. Comstock, Former Vice Chairman
Elizabeth J. Comstock served as Vice Chairman of GE Business Innovations at General Electric from April 2013 to Dec. 31, 2017. Comstock was CEO of Business Innovations from 2015 to the end of 2017. Before that, she served as CEO and President of GE Business Innovations, as Chief Marketing Officer of GE, and also as Senior Vice President. While working as Chief Marketing Officer and Senior Vice President for GE Idea Works, Comstock led the GE-wide business platforms ecomagination and healthymagination. According to Comstock's most recent filing with the SEC on Dec. 29, 2017, the former Vice Chairman holds 241,633 shares of the company directly and another 28,199 shares indirectly through a 401(k) plan.
Comstock received a bachelor's degree in Biology from the College of William and Mary.