2001年，當(dāng)45歲的杰夫·伊梅爾特成為通用電氣（General Electric）的首席執(zhí)行官時(shí),，投資者都懷疑他能否達(dá)到他的前任,、“美國(guó)企業(yè)高管界的邁克爾·喬丹”——杰克·韋爾奇的高度。

這點(diǎn)很難確定,，不過從數(shù)據(jù)上看,，投資者確實(shí)認(rèn)為伊梅爾特表現(xiàn)不佳：根據(jù)彭博社的數(shù)據(jù)，通用電氣在2001年9月7日伊梅爾特上任時(shí),，市值超過1,500億美元,，而他接手以來，通用電氣的股價(jià)已經(jīng)下滑了近30%,。而任職近16年的伊梅爾特即將在今年8月1日卸任的消息傳出之后,，通用電氣的股價(jià)在周一的交易日上揚(yáng)了接近4%。

盡管伊梅爾特帶領(lǐng)著通用電氣渡過了一些最艱難的時(shí)刻,，9·11事件和金融危機(jī)都發(fā)生在他的任期內(nèi),，但我們也很難忽略這16年里標(biāo)普500指數(shù)顯示的股市整體價(jià)格上漲124%，而公司股價(jià)卻反而出現(xiàn)下滑的事實(shí),。類似的,，標(biāo)普500工業(yè)指數(shù)同期也上漲了134%。實(shí)際上,，伊梅爾特接手以來,，通用電氣是道瓊斯平均指數(shù)（Dow）上表現(xiàn)最糟糕的公司。

而與被譽(yù)為同期最佳首席執(zhí)行官之一的韋爾奇相比時(shí),，伊梅爾特的數(shù)據(jù)就顯得更加遜色,。韋爾奇在1981年成為通用電氣首席執(zhí)行官時(shí)，與他一樣也是45歲,。不過與他不同的是,，韋爾奇并未大刀闊斧進(jìn)行“史詩般”的動(dòng)作。盡管通用電氣被看作是《財(cái)富》500強(qiáng)里管理最為出色的工業(yè)公司,，但業(yè)界也認(rèn)為公司的表現(xiàn)會(huì)大體符合市場(chǎng)走勢(shì)，很難跑在前面,。不過韋爾奇超出了他們的預(yù)期,。

這位前任首席執(zhí)行官在自動(dòng)化上大力投資，并在頭五年的任期內(nèi)減少了10萬個(gè)崗位,。執(zhí)掌公司20年間,，通用電氣的股價(jià)上漲了2,790%，超出了標(biāo)普500指數(shù)的整體上漲值710%。而在此期間,，通用電氣的市值猛漲3,870億美元,，達(dá)到3,940億美元。在《財(cái)富》500強(qiáng)榜單上,，通用電氣的排名也從1981年的第10名提高到2001年的第5名,，收入上漲361%達(dá)到1,257億美元。（如今,，通用電氣的排名是第13名,。）

通用電氣在不同首席執(zhí)行官管理下的業(yè)績(jī)

通用電氣在杰克·韋爾奇的執(zhí)掌下欣欣向榮，卻在杰夫·伊梅爾特的領(lǐng)導(dǎo)下出現(xiàn)衰退,。

首席執(zhí)行官 公司股市表現(xiàn) 標(biāo)普500市場(chǎng)整體表現(xiàn) 市值變化 收入變化

1 杰克·韋爾奇 2,790.70% 710% 3,870億美元 361%

2 杰夫·伊梅爾特 -29.6% 124% -1,514億美元 -5%

杰克·韋爾奇的數(shù)據(jù)從1981年4月1日起算,，截至2001年9月6日；杰夫·伊梅爾特的數(shù)據(jù)從2001年9月7日起算,，截至2017年6月9日,。韋爾奇任期內(nèi)的公司收入變化來源于1981年和2001年的數(shù)據(jù)，伊梅爾特任期內(nèi)的公司收入變化來源于2001年和2016年的數(shù)據(jù),。

來源：彭博社數(shù)據(jù)

然而,，韋爾奇對(duì)通用電氣的金融服務(wù)公司通用資本（GE Capital）的依賴，最終也導(dǎo)致公司在伊梅爾特的任期內(nèi)只有中流的表現(xiàn),。2008年,，通用資本給公司貢獻(xiàn)了42%的收入。在金融危機(jī)期間,，通用資本幾乎讓通用電氣崩潰,，在股東的壓力之下，公司削減了通用資本的規(guī)模,，到2016年,，它對(duì)公司的收入貢獻(xiàn)只有大約8.8%。

在職權(quán)交接的2001年,，通用電氣的凈利潤(rùn)為136億美元,，利潤(rùn)率為10.9%。2016年,，通用電氣的凈利潤(rùn)減少到92億美元,，利潤(rùn)率為7.7%。（財(cái)富中文網(wǎng)）

譯者：嚴(yán)匡正

When then 45-year-old Jeff Immelt was named CEO of General Electric (GE, -1.55%) in 2001, investors couldn't help but wonder how he would measure up against the "Michael Jordan of American business execs," his predecessor Jack Welch.

It's hard to say for sure, but when it comes to numbers, investors think that Immelt has fallen short: Shares of GE have plunged nearly 30% since he took the helm, with the company shedding more than $150 billion in market cap since Immelt's first day on the job on Sept. 7, 2001, according to Bloomberg data. Though GE's stock jumped nearly 4% in trading Monday on the news that Immelt would step down effective Aug. 1, after some 16 years as CEO.

While a case can be made that Immelt steered GE some of its most difficult hours, with the Sept. 11 attacks and financial crisis both occurring during his tenure, it's hard to ignore that while GE's share fell in his 16 year term, the stock market as measured by the S&P 500 has risen nearly 124%. Similarly, GE's cohorts on the S&P 500 Industrials Sector have risen 134% in the same period. In fact, GE's stock has been the worst performing on the Dow since Immelt took over.

His performance, numbers wise, looks even more lackluster when compared to Welch, his predecessor who has been hailed as one of the best CEOs of his time. Like Immelt, Welch was 45 when he assumed the chief executive role in 1981. But unlike Immelt, Welch wasn't following up an "epic" act. While that same year the company was considered the best-managed industrial company on the Fortune 500, GE was also expected to perform in-line with the economy and rarely above it. Welch defied those expectations.

The former CEO invested heavily in automation, in addition to slashing 100,000 jobs within his first five years. Over the course of his 20-year-run at the helm of the company, shares of GE jumped 2,790%, outperforming the S&P 500's 710% upswing. And between the time when Welch took on the mantle of CEO and when he retired, GE's market capitalization soared by $387 billion to $394 billion. On the Fortune 500, GE's rank jumped from 10th in 1981 to fifth in 2001 after revenue rose 361% to $125.7 billion. (Today, GE is ranked 13th.)

General Electric's Performance Under Different Chief Executives

While General Electric under Jack Welch soared, it shrank under Jeff Immelt.

CEO GE STOCK PERFORMANCE S&P 500 MARKET CAP CHANGE ($ BIL) REVENUE CHANGE

1 Jack Welch 2,790.70% 710% $387b 361%

2 Jeff Immelt -29.6% 124% -$151.4b -5%

Jack Welch figures based on data between 4/1/81 to 9/6/01. Jeff Immelt figures based on data between 9/7/01 to 6/9/17. Revenue for Welch based on annual data from 1981 and 2001. Immelt's revenue data is based on annual figures from 2001 and 2016.

Source: Bloomberg data

Still, Welch's dependence on the GE's financial services company, GE Capital, eventually helped contribute to the company's middling stock performance during Immelt's tenure. GE Capital made up about 42% of the company's revenue in 2008. Amid pressure from shareholders to pare down the business after it nearly took down GE during the financial crisis, GE Capital in 2016 represented about 8.8% of the company's revenue.

In the year that Welch handed the reins over to Immelt, GE posted net income of $13.6 billion, or a margin of 10.9%. In 2016, GE's profits had shrunk to $9.2 billion on profit margin of 7.7%.