A picture of the company started to come together. The operations weren’t in the shape they needed to be. Few had doubted the decision to jettison GE Capital, but the plan to replace its earnings had fallen flat. Industrial growth wasn’t coming fast enough, and the company had blown billions on share repurchases that now seemed worthless. During Immelt’s tenure, GE spent well over $100 billion buying up its own stock, much of it at a price far above where it traded now. Without adjusting its sacred and expensive dividend, the company had gutted its ability to generate cash.
