Power Failure

Résumé du livre

William D. Cohan is a veteran of the financial industry and a former GE employee. His other New York Times bestselling books include The Last Tycoons: The Secret History of Lazard Frères and Co. (2007), House of Cards: A Tale of Hubris and Wretched Excess on Wall Street (2009); Money and Power: How Goldman Sachs Came to Rule the World (2011); and The Price of Silence: The Duke Lacrosse Scandal, the Power of the Elite, and the Corruption of Our Great Universities (2014).

General Electric’s history reflects a series of transformations driven by evolving markets and leadership decisions. From its origins as a merger of Thomas Edison’s company with a competitor to its expansion during World War I and success in the radio transmitter market, GE grew into a corporate powerhouse by the 1940s. However, its reliance on high-risk ventures, particularly in its capital business, left it vulnerable in the early 2000s amid external pressures and public scrutiny. Leadership played a pivotal role in shaping GE’s trajectory. Charles Albert Coffin’s prudent financial management helped the company navigate early crises, while Jack Welch’s bold strategies and high standards propelled GE to its peak, albeit at the cost of long-term stability. In contrast, Jeff Immelt’s tenure was marked by poor decision-making, resistance to dissent, and failure to address critical challenges, which contributed to GE’s decline. Earlier, Ralph Cordiner’s decentralized structure drove profitability but fostered unethical practices, culminating in a federal investigation that exposed systemic corruption. These episodes highlight the profound impact of leadership, the risks of inflexible systems, and the unintended consequences of poorly designed incentives.

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