General Electric

General Electric (GE) was formed in 1892 through the merger of Edison General Electric Company and the Thomson-Houston Company. The merger was orchestrated by Charles A. Coffin, who became the first president of the newly formed General Electric. This event marked the establishment of one of America's largest and most influential industrial corporations, known for its innovations in electric power technology and its expansion into a wide range of industries over the years.

General Electric played a crucial role in the development of nuclear power. In 1949, GE began designing and building nuclear reactors, with its pioneering reactor project leading to the first commercial nuclear power plant in the United States in 1958. GE's involvement in nuclear energy was part of a broader effort to diversify its product lines and capitalize on the growing demand for electricity, marking a significant milestone in the company's history.

General Electric revolutionized the medical field in 1962 by introducing one of the first Computed Tomography (CT) scanners. This innovation provided a new, non-invasive way for doctors to see inside the human body, transforming diagnostic medicine. The CT scanner, developed by GE's medical systems division, became a critical tool in detecting and diagnosing diseases, showcasing GE's legacy of innovation in health technology.

In 1986, General Electric acquired RCA Corporation for $6.4 billion, marking one of the largest mergers of its time. This acquisition not only brought RCA's NBC television network under GE's umbrella but also expanded GE's reach in the consumer electronics market. The merger allowed GE to integrate synergies from RCA's technological assets and brand, strengthening its position in media and broadcasting industries.

In the early 1990s, GE's CEO Jack Welch introduced the 'Work-Out' process, a revolutionary change management program that empowered employees to make decisions and solve problems without manager involvement. This initiative aimed to streamline operations, eliminate bureaucracy, and promote a culture of openness and accountability within the company. It played a vital role in GE's success during the 1990s and became a model for corporate restructuring worldwide.

In 2000, General Electric announced its intention to acquire Honeywell International, Inc. for $45 billion, aiming to combine their aerospace operations. However, the European Commission blocked the merger due to antitrust concerns, marking a significant regulatory setback for GE. This high-profile case highlighted the complexities of international business and competition law, impacting GE's strategic acquisition plans in the new millennium.

On September 7, 2001, Jeff Immelt succeeded Jack Welch as the CEO of General Electric. Immelt took over during a challenging time marked by technological changes and economic uncertainties. His leadership focused on innovation, globalization, and the development of GE's digital and clean energy capabilities. Immelt's tenure was characterized by a strategic shift towards high-growth markets and a commitment to sustainability and corporate responsibility.

In 2015, General Electric announced its plan to move corporate headquarters from Fairfield, Connecticut to Boston, Massachusetts. The move was part of GE's strategy to transform into a digital industrial company and was expected to facilitate greater collaboration with Boston's tech talent and academic institutions. This relocation symbolized GE's commitment to innovation and its aspiration to lead in the era of digitalization and industrial internet.

On June 26, 2018, General Electric was removed from the Dow Jones Industrial Average after being one of the original members for over a century. This decision reflected GE's diminished influence in the American industrial landscape as the company struggled with declining revenues and restructuring challenges. The removal marked a symbolic shift in the U.S. economy towards tech-driven companies and underscored the difficulties GE faced in adapting to new market dynamics.

On November 9, 2021, General Electric announced its plan to split into three distinct companies, focusing on aviation, healthcare, and energy. This strategic move aimed to simplify GE's structure and allocate resources more efficiently, allowing each segment to focus on its industry-specific growth opportunities. The split was part of a broader effort to revive GE's fortunes and enhance shareholder value following years of financial difficulties and strategic missteps.