Joe Hogan to be terminated?

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Anonymous

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Looks like another soft quarter for the healthcare division. Omar Ishrak reminds me of a shark, lifeless eyes just looking for someone to chew up and blame before moving on to his next meal. He told the head of our division to do whatever it takes to make the number, even if it means selling one of our plants. The worse the numbers get, the more finance clowns seem to be crawling around our office and scrutinizing every deal. Daily updates on every deal in the nation now the norm. Heard Joe Hogan is close to termination as well, can't imagine another quarter of missing the numbers is going to be received too well by Jeff Immelt. Jeff figures "cutting expenses" will get wall street back on the GE bandwagon, pity no one in this company can figure out that only innovation - not controlling headcount and expenses - will fire up sales again. Just glad I don't work on the sub-acute side for GE; there reps can't leave their homes to call on any customers unless the business will close before the end of June. They were even told to delay purchasing office supplies, like ink toner, until July if at all possible to save on expenses. Enjoying a nice bottle of red on the company as we speak, might as well be numb when they start swinging the ax.
 








I ain't gonna shed too many tears for Hogan or Immelt when they get the hook, because you and I both know they'll leave with such a package that the term "golden parachute" will sound like "petty cash."

It's the poor shumcks that work in the field every day that get shafted after years of draining blood from turnips and one day, the turnips go dry and the mid-level bosses decide it's time for them to go that I worry about.
 
























Overall, Hogan has performed well during his tenure at Healthcare; unfortunately, we are short-sighted and are only as good as last quarter's numbers. He will not be terminated - just reassigned to another GE division. Don't worry about Joe, he will be fine. How about you?
 
























John Dineen has been named president and CEO of GE Healthcare, replacing Joseph Hogan.

Dineen, 45, has served as president and CEO of GE Transportation since 2005. He will work from GE Healthcare's headquarters in Chalfont St. Giles, U.K.

Prior to GE Transportation, Dineen served as vice president and general manager of Plastics at GE Advanced Materials and held various assignments in corporate finance.

He also served as general manager of GE Power Equipment; general manager of the company's Meter business; general manager of the Microwave and Air-conditioning businesses; manager of finance for GE Asia in Hong Kong; and president of GE Plastics-Pacific during his 22 years with parent company General Electric of Stamford, CT.

Hogan, who joined GE in 1986, is leaving to become CEO of the ABB Group, a Zurich, Switzerland-based provider of power and automation products, systems, and services. ABB's U.S. headquarters is in Norwalk, CT.
 
















Anonymous said:
Well, sounds more like he jumped ship ... I'm sure there are a few more bucks in the weekly pay envelope for the Hogan family out of the deal.
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Its an unusual place for him to end up. These people dont get fired unless its a disaster. It wasnt a complete disaster so usually they are quietly asked to look elsewhere - that is the company is looking to go in a different direction and you are not part of the plan. I expect thats what happened. And ABB are sufficiently distant and no-doubt ill-informed about the goings on in GE. I expect they are looking to grow through some acquisition but the board is strong in ABB not like the chairman/ceo combined post silliness in GE. I expect the board of ABB will quickly ask Joe to move on once they have grown to where they want to be.
 








Anonymous said:
Its an unusual place for him to end up. These people dont get fired unless its a disaster. It wasnt a complete disaster so usually they are quietly asked to look elsewhere - that is the company is looking to go in a different direction and you are not part of the plan. I expect thats what happened. And ABB are sufficiently distant and no-doubt ill-informed about the goings on in GE. I expect they are looking to grow through some acquisition but the board is strong in ABB not like the chairman/ceo combined post silliness in GE. I expect the board of ABB will quickly ask Joe to move on once they have grown to where they want to be.
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Here's my concern... Joe was told he'd better think about his options, right? So, at what time did he take his eye off the GEHC ball and put more attention to the HOGAN ball? Was it January? February? March? The ABB gig didn't just show up. Joe has had to have been courted by (or courting) ABB for months. Either way, it had to take away some of his focus on running the business. And we keep BS-ing our way to quarterly numbers. A previous poster had it right: focus on innovating products, not trying to micro-manage expenses to the detriment of the business. And good luck to Joe anyway. Didn't know him but life is too short to wish others ill-will.
 








Anonymous said:
Here's my concern... Joe was told he'd better think about his options, right? So, at what time did he take his eye off the GEHC ball and put more attention to the HOGAN ball? Was it January? February? March? The ABB gig didn't just show up. Joe has had to have been courted by (or courting) ABB for months. Either way, it had to take away some of his focus on running the business. And we keep BS-ing our way to quarterly numbers. A previous poster had it right: focus on innovating products, not trying to micro-manage expenses to the detriment of the business. And good luck to Joe anyway. Didn't know him but life is too short to wish others ill-will.
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A very realistic version of what happened.

Or, Joe could see the writing on the wall. The next step up was Immelt's job, and well, he may have thought, "thanks, but no thanks," and decided if he wanted to run a major corporation, it was somewhere other than GE.
 








Anonymous said:
A very realistic version of what happened.

Or, Joe could see the writing on the wall. The next step up was Immelt's job, and well, he may have thought, "thanks, but no thanks," and decided if he wanted to run a major corporation, it was somewhere other than GE.
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Short of being a fly on the wall when he's telling his wife Im not sure we will know. I think there are several scenarios from having jumped himself to have been given a nudge. What we do know however is that he probably knew that GEHC was being consolidated and as such his post as a CEO of a standalone unit was to dissappear, albeit he was to be subordinated to another GE manager. Whether anything else regarding a divestment of any part of parts of GEHC is coming is unknown at this time. I do agree its an unusual place for him to end up as ABB CEO is not secure as they've had 6 CEO's in the last 8 years suggesting the board is happy and willing to fire CEO's. Not the type of place and american CEO likes to be which kind of suggests to me that he was given a nudge or at least had his hand forced.
 








Anonymous said:
Short of being a fly on the wall when he's telling his wife Im not sure we will know. I think there are several scenarios from having jumped himself to have been given a nudge. What we do know however is that he probably knew that GEHC was being consolidated and as such his post as a CEO of a standalone unit was to dissappear, albeit he was to be subordinated to another GE manager. Whether anything else regarding a divestment of any part of parts of GEHC is coming is unknown at this time. I do agree its an unusual place for him to end up as ABB CEO is not secure as they've had 6 CEO's in the last 8 years suggesting the board is happy and willing to fire CEO's. Not the type of place and american CEO likes to be which kind of suggests to me that he was given a nudge or at least had his hand forced.
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Three years on and he's still there. ABB seems to be doing okay.
 








Anonymous said:
Three years on and he's still there. ABB seems to be doing okay.
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Too bad guys like Obama's crony capitalist, Jeff Immelt, doesn't get tossed. But he's paid off most of the GE Board so he's there as long as Obama sends money.

Hogan left while the getting was good ... unfortunatly, most of us who left or were forced out of GE weren't as well taken care of. Nor are those who are left. With exceptions as noted above, of course.
 








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