company lifers like Bornstein were sure to their bones that they knew better how to manage a complex beast like GE than any shortsighted activist. Bornstein was also deeply wary of the tactics that Garden and Peltz wanted GE to use to goose the stock price, especially taking on even more debt to buy back more shares. “If they want to do that,” he muttered at one point, “they’ll have to find a new CFO.” But Trian was willing to stage a public battle, which GE wanted to avoid. Even if Bornstein was up for the challenge, Immelt wouldn’t have it. An activist fight could send Immelt into
...more
