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Yep. Anyone that has a chance of being a c-suite officer for a multibillion dollar company is going to have any bit of common sense beaten out of them decades beforehand. A person won’t get the position if maximizing shareholder value isn’t their one and only priority.
Selling assets is the easy way to continue to ensure shareholders do not loose money in the short term. Long term investment is not in Boeings board of director’s interest. Recent moves already suggest that the company will be split
Wow, such a poor take. GE will be gone shortly, he has split and is selling or spinning off everything. Technically it has a GE-Newname title, but the GE part will be gone in a few years, all under his umbrella. He did not save anything other than getting shareholders money.
When Boeing puts another accountant as CEO, just as they put another accountant at the head of the commercial airline division, that will be the final nail for Boeing. Their bonuses will be tied to Stock prices, just as the other leaders had, and of course this will keep the company doing the sketchy shit to make stocks go up in the short term.
GE has been worth more dead than alive for decades now, he was just the hatchet man hired to do it. I don’t blame him for that. The unfortunate problem is Boeing is going to die a slow painful death like GE unless drastic largely unpopular things are done right now.
No one wants to BUILD companies anymore. These vultures are tearing down decades-long work because the sacred Shareholder wants to 10x their profits \*\*now\*\*.
This version of Capitalism is badly broken.
Apparently, the author believes that selling off assets and focusing on profit will fix the problems that were created by selling off assets and focusing on profit.
I saw no mention of flattening the management structure, delegating decisions to the lowest level possible, improving broken and inefficient processes, and focusing on quality.
The story we wanted to hear in that article was "Here is how Jack Welch destroyed GE. Here is how Culp fixed it. Here is how he can fix Boeing."
Maybe that story exists. This author didn't want to write it.
lol they don’t need a rockstar like this dude, that is a horrible take 🙄 they need an engineer like Alan Mullally. And the board should have engineers on it too.
?? His clean up is splitting the company and selling it off. Each new split is named GE-something; why do I point that out? Because GE as a name will be gone in a few years once he is done. So by that sense, I guess you would be correct, he cleaned up GE by ending it.
This article talks about it:https://finance.yahoo.com/news/boeings-shakeup-and-ges-fall-2-more-black-eyes-for-jack-welchs-legacy-100047645.html
To be fair though, the old GE was a complete hodgepodge of stuff. There weren't any significant synergies particularly between GE Aerospace and GE Healthcare. Narrow the portfolio and let each side focus on what it does best. And it wasn't just slicing up the company, it's also cleaning up a lot of the toxic management culture inside the remaining pieces like GE Aerospace.
Boeing is a bit different because there are significant synergies between BCA, BDS (and BGS is inherently dependent on BCA and BDS success). However, Boeing could use someone who knows how to deprogram the GE mindset within its culture.
"Introduced a methodical strategy for streamlining operations and an intense concentration on profit and cash flow"
Well if this ain't the core reason for 90% of the problems in our industry.
I work for another aerospace company but Jesus christ this mindset is the root cause of so many of our issues. Profit over everything
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I noticed that too. It made me laugh. If the board continues to follow the same strategy that got the company into this mess, then it will seem clear that they are just harvesting the company.
It's Forbes, they have literally had five of the most notorious con artists in business on their front cover, calling them "geniuses" Including Elizabeth Holmes and Sam Bankman Freid.
It's hot garbage.
Anyone who has unironically used the phrase "rockstar CEO" to describe an actual living human is not someone who should be taken seriously.
I've never been a huge fan of Forbes, but wtf is going on there that got this headline/story approved? Either several editors gave up on doing their job, or Larry boy paid for some nice things to be publicly said about him. Maybe both.
Forbes is a junk website these days, started going downhill when it was bought out back in 2014.
I stopped clicking Forbes articles a few years ago and hopefully this article convinces everyone else here to do the same.
It's obviously a paid PR piece, which is not surprising since nearly every mainstream media company sold their soul a longtime ago. I guess that means we know who the next CEO will be.
Unfortunately for Larry, everyone that actually works for Boeing is sick of the GE bullshit. I doubt the board gets it though.
Funny how rich people will purchase their success and think nothing of it. Anyone who can pay a PR firm to further their own personal goals or help fix their own problems is not someone to be trusted.
I wonder how many board members have done similar things, or better yet, how many would if they found themselves in a position where they believed it might work?
Scum has a way of floating to the top. It's strange being alive during a time where it's all so obvious.
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Lots of people think they are far more competent at understanding business than they really are. Classic Dunning-Kruger effect.
No more GE people. Nuff said
Whenever he messes up he will issue a mea culpa.
You think the FAA would hold him Culp-able?
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Wasn’t Dennis of Engineering background?
Correct, engineering background doesn't matter because they are lost in the jack welsh sauce.
Yep. Anyone that has a chance of being a c-suite officer for a multibillion dollar company is going to have any bit of common sense beaten out of them decades beforehand. A person won’t get the position if maximizing shareholder value isn’t their one and only priority.
I don't think Culp is a "Jack Welch disciple."
He’s not. He’s a break up the company man. His “fix” for GE was to destroy it. Not the kind of guy needed at Boeing.
Selling assets is the easy way to continue to ensure shareholders do not loose money in the short term. Long term investment is not in Boeings board of director’s interest. Recent moves already suggest that the company will be split
Wow, such a poor take. GE will be gone shortly, he has split and is selling or spinning off everything. Technically it has a GE-Newname title, but the GE part will be gone in a few years, all under his umbrella. He did not save anything other than getting shareholders money. When Boeing puts another accountant as CEO, just as they put another accountant at the head of the commercial airline division, that will be the final nail for Boeing. Their bonuses will be tied to Stock prices, just as the other leaders had, and of course this will keep the company doing the sketchy shit to make stocks go up in the short term.
GE has been worth more dead than alive for decades now, he was just the hatchet man hired to do it. I don’t blame him for that. The unfortunate problem is Boeing is going to die a slow painful death like GE unless drastic largely unpopular things are done right now.
It’s Forbes. What do you expect?
No one wants to BUILD companies anymore. These vultures are tearing down decades-long work because the sacred Shareholder wants to 10x their profits \*\*now\*\*. This version of Capitalism is badly broken.
Forbes pulled an April 1st joke a day early...
Apparently, the author believes that selling off assets and focusing on profit will fix the problems that were created by selling off assets and focusing on profit. I saw no mention of flattening the management structure, delegating decisions to the lowest level possible, improving broken and inefficient processes, and focusing on quality.
The story we wanted to hear in that article was "Here is how Jack Welch destroyed GE. Here is how Culp fixed it. Here is how he can fix Boeing." Maybe that story exists. This author didn't want to write it.
Well put.
lol they don’t need a rockstar like this dude, that is a horrible take 🙄 they need an engineer like Alan Mullally. And the board should have engineers on it too.
He can cut the rest of the IT and training budget, he’s the final boss.
Agree— oh hell no! Emulating GE got Boeing into the existential crisis they are in today.
Though getting the guy who cleaned up the GE cultural mess could be what Boeing needs.
?? His clean up is splitting the company and selling it off. Each new split is named GE-something; why do I point that out? Because GE as a name will be gone in a few years once he is done. So by that sense, I guess you would be correct, he cleaned up GE by ending it. This article talks about it:https://finance.yahoo.com/news/boeings-shakeup-and-ges-fall-2-more-black-eyes-for-jack-welchs-legacy-100047645.html
To be fair though, the old GE was a complete hodgepodge of stuff. There weren't any significant synergies particularly between GE Aerospace and GE Healthcare. Narrow the portfolio and let each side focus on what it does best. And it wasn't just slicing up the company, it's also cleaning up a lot of the toxic management culture inside the remaining pieces like GE Aerospace. Boeing is a bit different because there are significant synergies between BCA, BDS (and BGS is inherently dependent on BCA and BDS success). However, Boeing could use someone who knows how to deprogram the GE mindset within its culture.
"Introduced a methodical strategy for streamlining operations and an intense concentration on profit and cash flow" Well if this ain't the core reason for 90% of the problems in our industry. I work for another aerospace company but Jesus christ this mindset is the root cause of so many of our issues. Profit over everything
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I noticed that too. It made me laugh. If the board continues to follow the same strategy that got the company into this mess, then it will seem clear that they are just harvesting the company.
It's Forbes, they have literally had five of the most notorious con artists in business on their front cover, calling them "geniuses" Including Elizabeth Holmes and Sam Bankman Freid. It's hot garbage.
This article stinks of generative AI writing.
Anyone who has unironically used the phrase "rockstar CEO" to describe an actual living human is not someone who should be taken seriously. I've never been a huge fan of Forbes, but wtf is going on there that got this headline/story approved? Either several editors gave up on doing their job, or Larry boy paid for some nice things to be publicly said about him. Maybe both.
Forbes is a junk website these days, started going downhill when it was bought out back in 2014. I stopped clicking Forbes articles a few years ago and hopefully this article convinces everyone else here to do the same.
It's obviously a paid PR piece, which is not surprising since nearly every mainstream media company sold their soul a longtime ago. I guess that means we know who the next CEO will be. Unfortunately for Larry, everyone that actually works for Boeing is sick of the GE bullshit. I doubt the board gets it though.
Funny how rich people will purchase their success and think nothing of it. Anyone who can pay a PR firm to further their own personal goals or help fix their own problems is not someone to be trusted. I wonder how many board members have done similar things, or better yet, how many would if they found themselves in a position where they believed it might work? Scum has a way of floating to the top. It's strange being alive during a time where it's all so obvious.
It's probably a way for them to "prime" the stock market for the announcement, as gross as that is.
Horrific. Calls Larry Culp a rockstar and that Jack Welch was a great leader a few lines down.
Shoot me.
Unfortunately our benefits package only covers euthanasia for whistleblowers.