You first Mr. Immelt...

Immelt: Businesses must do more on jobs

GE Has Shed U.S. Jobs Since “Jobs Czar” Immelt Took Helm

The following article by Avi Salzman can be found at the Barron’s websitehere.

President Obama has tapped General Electric Chief Executive Jeffrey Immelt to head a new White House panel tasked with finding a way to grow jobs. But since Immelt took over, GE has shed thousands of jobs, according to the conglomerate’s annual reports.

Of course, General Electric (GE) has sold divisions and made acquisitions that make it a different company than it was in 2000, when Immelt took over (he was named CEO in November 2000, not 2001, as previously reported). But overall, the company has fewer employees, and is much more reliant on foreign workers, than it was when he began his tenure. At the end of 2000, GE employed 313,000 people, including 168,000 in the U.S. (54%). By the start of 2010, when the company filed its most recent annual report, GE had 304,000 workers, including 134,000 in the U.S. (44%).

A GE spokesperson said the company didn’t have more recent employee numbers available, or an exact headcount from when Immelt took over (he became CEO in 2000, and chairman in 2001). GE’s website indicates that it now employs “nearly 300,000 people”.

Immelt highlighted GE’s recent attempts to bring some jobs back to the U.S. in an op-ed he wrote in the Washington Post today.

“For example, we have returned many GE appliance manufacturing jobs to the States by collaborating with our unions and making our operations more efficient,” he wrote.

GE reported better than expected fourth quarter earnings numbers this morning. Shares were up 7.2% in midday trading.