Hoover's Custom Report Builder
General Electric Company
3135 Easton Tpke.
Fairfield, CT 06828−0001 United States (Map)
Phone: 203−373−2211
Fax: 203−373−3131
http://www.ge.com
Table of Contents
The Basics................................................................................................................................................................................1
Key Information..........................................................................................................................................................1
Key Numbers..............................................................................................................................................................1
Rankings/Stock Indexes..............................................................................................................................................1
Officers and Employees.........................................................................................................................................................2
Corporate Officers.......................................................................................................................................................2
Board...........................................................................................................................................................................5
Biographies.............................................................................................................................................................................6
Jeffrey R. (Jeff) Immelt, Age 51.................................................................................................................................6
William M. (Bill) Castell, Age 59...............................................................................................................................6
Robert C. (Bob) Wright, Age 63.................................................................................................................................7
Michael A. (Mike) Neal, Age 53................................................................................................................................8
John G. Rice, Age 50..................................................................................................................................................9
Lloyd G. Trotter, Age 61...........................................................................................................................................10
Keith S. Sherin, Age 48.............................................................................................................................................11
John F. Lynch, Age 54..............................................................................................................................................11
Pamela Daley, Age 54...............................................................................................................................................12
Gary M. Reiner, Age 51............................................................................................................................................12
Mark M. Little, Age 53.............................................................................................................................................13
Brackett B. Denniston, Age 59.................................................................................................................................13
David R. (Dave) Nissen, Age 55...............................................................................................................................14
James P. (Jim) Campbell...........................................................................................................................................15
Joseph M. (Joe) Hogan, Age 50................................................................................................................................15
Michael E. Pralle, Age 49.........................................................................................................................................16
Mark W. Begor, Age 47............................................................................................................................................17
Yoshiaki Fujimori, Age 54........................................................................................................................................17
Charlene T. Begley, Age 39......................................................................................................................................18
Scott C. Donnelly, Age 45........................................................................................................................................19
John Krenicki, Age 44...............................................................................................................................................19
Ronald R. (Ron) Pressman, Age 49..........................................................................................................................20
Deborah (Deb) Elam, Age 44....................................................................................................................................20
Q. Todd Dickinson....................................................................................................................................................21
Daniel S. (Dan) Henson, Age 44...............................................................................................................................21
Overview...............................................................................................................................................................................23
History...................................................................................................................................................................................24
Industry Information...........................................................................................................................................................26
Competitors...........................................................................................................................................................................27
Top Competitors........................................................................................................................................................27
All Competitors.........................................................................................................................................................27
i
Table of Contents
Products and Operations.....................................................................................................................................................28
Company Financials.............................................................................................................................................................30
Financial Overview...................................................................................................................................................30
Annual Income Statement.........................................................................................................................................31
Quarterly Income Statement.....................................................................................................................................31
Annual Balance Sheet...............................................................................................................................................33
Quarterly Balance Sheet............................................................................................................................................33
Annual Cash Flow.....................................................................................................................................................35
Quarterly Cash Flow.................................................................................................................................................35
Historical Financials..................................................................................................................................................36
Market Data...............................................................................................................................................................37
Comparison Data.......................................................................................................................................................38
Competitive Landscape.............................................................................................................................................40
ii
The Basics
3135 Easton Tpke.
Fairfield, CT 06828−0001 United States (Map)
Phone: 203−373−2211
Fax: 203−373−3131
http://www.ge.com
From turbines to TV, from household appliances to power plants, General Electric (GE) is plugged in to most of the
businesses that have shaped the modern world. The company produces −− take a deep breath −− aircraft engines,
locomotives and other transportation equipment, kitchen and laundry appliances, lighting, electric distribution and control
equipment, generators and turbines, and medical imaging equipment. GE is also one of the largest financial services
companies in the US, offering commercial finance, consumer finance, and equipment financing. Other operations include
the NBC television network.
Key Information
D−U−N−S Number
Doing Business As
Company Type
Location Type
Year Of Founding or Change In Control
State of Incorporation
Key Numbers
Fiscal Year−End
Sales (mil.)
1−Year Sales Growth
Net Income (mil.)
1−Year Net Income Growth
Rankings/Stock Indexes
• #6 in FORTUNE 500
• S&P 500
• Dow Jones Industrials
• Dow Jones Global Titans
• #2 in FT Global 500
1
001367960
"Ge"
Public − NYSE: GE
Headquarters
1892
NY
December
$163,391.0
8.8%
$20,829.0
24.6%
Officers and Employees
Corporate Officers
Title
Name
Age
Chairman and CEO
Mr. Jeffrey R. (Jeff) Immelt
51
Director
Sir William M. (Bill) Castell
59
Vice Chairman
Mr. Robert C. (Bob) Wright
63
Vice Chairman; President and CEO, GE Commercial Finance; Chairman,
Mr. Michael A. (Mike) Neal
GE Capital Services
53
Vice Chairman; President and CEO, GE Industrial
Mr. John G. Rice
50
Vice Chairman; President and CEO, GE Industrial
Mr. Lloyd G. Trotter
61
SVP Finance and CFO
Mr. Keith S. Sherin
48
SVP Human Resources
Mr. John F. Lynch
54
SVP Corporate Business Development
Ms. Pamela Daley
54
SVP and CIO
Mr. Gary M. Reiner
51
SVP and Director of Global Research
Dr. Mark M. Little
53
SVP and General Counsel
Mr. Brackett B. Denniston III
59
SVP; President and CEO, GE Money
Mr. David R. (Dave) Nissen
55
SVP; President and CEO, GE Consumer & Industrial
Mr. James P. (Jim) Campbell
SVP; President and CEO, GE Healthcare
Mr. Joseph M. (Joe) Hogan
50
SVP; President and CEO, GE Real Estate, GE Commercial Finance
Mr. Michael E. Pralle
49
SVP; President and CEO, Americas, GE Money
Mr. Mark W. Begor
47
SVP; President and CEO, Asia
Mr. Yoshiaki Fujimori
54
SVP; President and CEO, GE Plastics, GE Industrial
Ms. Charlene T. Begley
39
SVP; President and CEO, GE Aircraft Engines, GE Infrastructure
Mr. Scott C. Donnelly
45
SVP; President and CEO, GE Energy, GE Infrastructure
Mr. John Krenicki Jr.
44
SVP; President and CEO, GE Asset Management
Mr. Ronald R. (Ron) Pressman
49
VP and Chief Diversity Officer
Ms. Deborah (Deb) Elam
44
VP and Chief Intellectual Property Counsel
Mr. Q. Todd Dickinson
VP and Chief Marketing Officer
Mr. Daniel S. (Dan) Henson
44
VP and Comptroller
Mr. Philip D. Ameen
58
VP Corporate Audit Staff
Mr. Brian Worrell
36
VP Corporate Citizenship and Chief Learning Officer
Mr. Robert L. (Bob) Corcoran
VP Corporate Investor Relations
Mr. Daniel C. Janki
2
37
VP Corporate Risk and Financing
Mr. Mark J. Krakowiak
VP Environmental Programs
Mr. Stephen D. (Steve) Ramsey
VP Executive Development
Ms. Susan P. Peters
VP Corporate Financial Planning and Analysis
Mr. Shane Fitzsimons
38
VP Litigation and Legal Policy
Mr. Jonathan P. Graham
46
VP Government Relations
Ms. Nancy P. Dorn
VP and Senior Counsel, Antitrust
Mr. Ronald A. Stern
VP and Senior Counsel, International Law and Policy
Mr. R. Michael Gadbaw
VP and Senior Tax Counsel
Mr. John M. Samuels
VP and Senior Counsel, Litigation and Legal Policy
Mr. Alexander (Alex) Dimitrief
VP and Treasurer
Ms. Kathryn A. (Kathy) Cassidy
52
VP; CEO, GE China
Mr. Stefano P. (Steve) Bertamini
41
VP; President and CEO, Japan, GE Money
Akihiko (Kiko) Kumagai
49
President and CEO, International
Mr. Ferdinando F. (Nani)
Beccalli−Falco
56
Chairman, President, and CEO, Genworth Financial
Mr. Michael D. (Mike) Fraizer
48
President and CEO, GE India
Mr. Scott R. Bayman
President and CEO, GE Latin America
Mr. Edmundo M. Vallejo
President and CEO, Middle East and Africa
Mr. Nabil A. Habayeb
President and CEO, Asia, GE Commercial Finance
Mr. John L. Flannery Jr.
President and CEO, Fleet Services, GE Commercial Finance
Ms. Kathryn V. (Kathy) Marinello
President and CEO, Corporate Financial Services, GE Commercial
Finance
Mr. Michael A. (Mike) Gaudino
President and CEO, GE Healthcare Financial Services, GE Commercial
Finance
Mr. Jeffrey (Jeff) Malehorn
President and CEO, Strategy and Integration, GE Infrastructure
Mr. William A. (Bill) Woodburn
President, Corporate Financial Services, Bank Loans, GE Commercial
Finance
Mr. Ronald F. (Ron) Carapezzi
President, Corporate Lending, GE Commercial Finance
Mr. Thomas M. (Tom) Quindlen
President and CEO, Capital Solutions, GE Commercial Finance
Mr. Richard A. (Rich) Laxer
President, North America Equity, GE Commercial Finance
Mr. Joseph E. (Joe) Parsons
President, GE Real Estate Europe, GE Commercial Finance
Mr. Olivier Piani
President and CEO, Central and Eastern Europe, GE Money
Mr. Dmitri L. Stockton
41
President and CEO, Europe, Middle East, and Africa, GE Money
Mr. William H. (Bill) Cary
46
President and CEO, Retail Consumer Finance, GE Money
Ms. Margaret M. Keane
46
3
46
54
42
President and CEO, Americas, GE Consumer & Industrial
Ms. Lynn S. Pendergrass
President and CEO, Asia, GE Consumer & Industrial
Mr. Darryl L. Wilson
President and CEO, Europe, Middle East, Africa, and India, GE
Consumer & Industrial
Mr. Andre Horbach
President and CEO, Global Diagnostic Imaging, GE Healthcare
Mr. Mark L. Vachon
President and CEO, Clinical Systems, GE Healthcare
Mr. S. Omar Ishrak
President and CEO, GE Healthcare Information Technologies, GE
Healthcare
Mr. Vishal K. Wanchoo
President and CEO, International, GE Healthcare
Mr. Reinaldo A. Garcia
President and CEO, Japan, GE Healthcare
Mr. Hiroyuki Mitani
President, China, GE Healthcare
Dr. Chih Chen
President and CEO, Life Sciences, GE Healthcare
Mr. Peter Ehrenheim
47
President and CEO, GE Equipment Services, GE Industrial
Ms. Deborah M. (Debbie) Reif
50
President and CEO, GE Fanuc, GE Industrial
Ms. Maryrose T. Sylvester
President and CEO, GE Security, GE Industrial
Mr. A. Louis Parker
President and CEO, Sensing & Inspection Technologies, GE Industrial
Ms. Caroline A. Reda
President and CEO, GE Advanced Materials
Mr. Wayne M. Hewett
47
52
President and CEO, GE Commercial Aviation Services, GE Infrastructure Mr. Henry A. Hubschman
President and CEO, GE Energy Financial Services, GE Infrastructure
Mr. J. Alex Urquhart
President and CEO, GE Rail, GE Infrastructure
Mr. John M. Dineen
VP; President and CEO, Oil & Gas, GE Infrastructure
Mr. Claudi Santiago
President and CEO, Water & Process Technologies, GE Infrastructure
Mr. Jeff R. Garwood
Chairman, NBC Universal Sports and Olympics, NBC Universal
Mr. Dick Ebersol
Chairman and CEO, Universal Parks and Resorts, NBC Universal
Mr. Thomas L. (Tom) Williams
President and CEO, NBC Universal
Mr. Jeffrey A. (Jeff) Zucker
41
President, GE Capital, Europe, GE Commercial Finance
Mr. Charles E. Alexander
54
President, NBC Universal Television Stations, NBC Universal
Mr. James W. (Jay) Ireland III
51
VP Global Risk Management, GE Capital
Mr. James A. (Jim) Colica
President and COO, Universal Studios, NBC Universal
Mr. Ron Meyer
Manager, Corporate Identity
Ms. Lynn Eversgerd
Project Leader, Recruiting Communications
Ms. Betty Granata
Senior Financial Analyst
Mr. Gary L. Standerford
Executive Director, Communications and Public Affairs
Mr. Gary Sheffer
4
Board
Title
Name
Age
Chairman and CEO
Mr. Jeffrey R. (Jeff) Immelt
51
Director
Sir William M. (Bill) Castell
59
Vice Chairman; President and CEO, GE Commercial Finance; Chairman,
GE Capital Services
Mr. Michael A. (Mike) Neal
53
Vice Chairman; President and CEO, GE Industrial
Mr. John G. Rice
50
Vice Chairman
Mr. Robert C. (Bob) Wright
63
Director
Dr. James I. Cash Jr.
59
Director
Ms. Ann M. Fudge
55
Director
Mr. Claudio X. Gonzalez
72
Director
Dr. Susan Hockfield
55
Director
Ms. Andrea Jung
48
Director
Mr. Alan G. (A.G.) Lafley
59
Director
Mr. Robert W. (Bob) Lane
57
Director
Mr. Ralph S. Larsen
68
Director
Ms. Rochelle B. (Shelly)
Lazarus
59
Director
Mr. Sam Nunn
68
Director
Mr. Roger S. Penske
70
Director
Dr. Robert J. Swieringa
64
Director
Mr. Douglas A. (Sandy)
Warner III
69
Vice Chairman; President and CEO, GE Industrial
Mr. Lloyd G. Trotter
61
5
Biographies
Jeffrey R. (Jeff) Immelt, Age 51
Title held since 2006: Chairman and CEO
Other Company Affiliations
Company
Federal Reserve Bank of New York
General Electric Capital Corporation
Title
Salary
Director
CEO and Director
Bonus
−−
−−
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2005: Chairman and CEO, $3,225,000 salary
♦ 2004: Chairman and CEO, $3,000,000 salary, $5,300,000 bonus
♦ 2003: Chairman and CEO, $3,000,000 salary, $4,325,000 bonus
♦ 2002: Chairman and CEO, $3,000,000 salary, $3,900,000 bonus
♦ 2001 − 2002, Chairman and CEO
Biography
Mr. Immelt joined GE in corporate marketing in 1982 after receiving a degree in applied mathematics from Dartmouth
College and an MBA from Harvard University. He then held a series of leadership positions with GE Plastics in sales,
marketing and global product development. He became a vice president of GE in 1989, responsible for consumer service
for GE Appliances. He subsequently became vice president of worldwide marketing and product management for GE
Appliances in 1991, vice president and general manager of GE Plastics Americas commercial division in 1992, and vice
president and general manager of GE Plastics Americas in 1993. He became senior vice president of GE and president and
chief executive officer of GE Medical Systems in 1996. Mr. Immelt became GE's president and chairman−elect in 2000,
and chairman and chief executive officer in 2001. He is also a director of the Federal Reserve Bank of New York.
Source: Proxy, February 27, 2007
William M. (Bill) Castell, Age 59
Title held since 2006: Director
Other Company Affiliations
Company
BP p.l.c.
Title
Non−Executive Director
Salary
−−
Bonus
−−
Recent Work Highlights
• General Electric Company
♦ 2005 − 2006, Vice Chairman and Executive Officer; Chairman, GE Healthcare
♦ 2004 − 2005, Vice Chairman and Executive Officer; President and CEO, GE Healthcare
6
Biography
Sir William M. Castell, Former Vice Chairman, General Electric Company. Director since 2004. A graduate of the City of
London College, Sir William joined Amersham plc in 1989 as Chief Executive. After GE acquired Amersham plc in April
2004, Sir William was appointed a vice chairman of the General Electric Company and became the CEO of GE
Healthcare, the combination of the Amersham and the GE Medical businesses and, in July 2005, became the chairman of
GE Healthcare. In April 2006 Sir William retired as a vice chairman of GE. Sir William was knighted in 2000 for services
to the life sciences industry. He served in the United Kingdom from 1998 to 2003 as chairman of The Prince's Trust, a
charity set up by the Prince of Wales in 1976. Sir William is currently chairman of the Wellcome Trust, a non−executive
director of British Petroleum plc and a trustee of London's Natural History Museum. Sir William is an honorary fellow of
Green College Oxford and an honorary fellow of the Academy of Medical Sciences. He has received honorary degrees
from the University of Cardiff, King's College University of London, Brunel University and the University of Oxford.
Source: Proxy, February 27, 2007
Robert C. (Bob) Wright, Age 63
Title held since 2007: Vice Chairman
Other Company Affiliations
Company
Damon Runyon Cancer Research Foundation
General Electric Capital Corporation
The Partnership for New York City
Title
Director
Director
Director
Salary
−−
−−
−−
Bonus
−−
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2005: Vice Chairman and Executive Officer; Chairman and CEO, NBC Universal, $2,500,000 salary,
$6,270,000 bonus
♦ 2004 − 2005, Vice Chairman and Executive Officer; Chairman and CEO, NBC Universal
♦ 2003 − 2004, Vice Chairman and Executive Officer; President and CEO, National Broadcasting Company
♦ 2002: Vice Chairman and Executive Officer; President and CEO, National Broadcasting Company,
$2,229,167 salary, $4,300,000 bonus
♦ 2001 − 2002, Vice Chairman and Executive Officer; President and CEO, National Broadcasting Company
♦ Title held until 2001: Vice Chairman and Executive Officer; Chairman and CEO, National Broadcasting
Company
Biography
Bob Wright is chairman of the board of NBC Universal, and vice chairman of the board, executive officer, and a member
of the Corporate Executive Office of the General Electric Company. Wright joined NBC as president and chief executive
officer on September 1, 1986, and was made chairman and CEO of the network in June 2001. He then served as chairman
and chief executive officer of NBC Universal from May 2004 to February 6, 2007. Wright has had one of the longest and
most successful tenures of any media company chief executive, celebrating more than two decades at the helm of one of
the world's leading media and entertainment companies. Under his leadership, NBC was transformed from a broadcast
network into a global media powerhouse with leadership in television programming, station ownership, and television
production. During his successful tenure at the helm of NBC, Wright extended the broadcaster into cable and satellite,
international, and new−media markets. At the same time, he significantly expanded the company's ownership of broadcast
7
television stations, increasing its reach to over 30% of U.S. television households. In 2002, NBC completed three
significant acquisitions: Telemundo, the nation's second−largest Spanish−language media company, with 16
owned−and−operated stations in the continental United States and Puerto Rico; television station KNTV, which provides
NBC programming to the San Francisco/San Jose market; and Bravo, a leading entertainment network, reaching more
than 80 million viewers across the nation. NBC Universal owns CNBC, which during Wright's tenure became the global
leader in business news, providing real−time financial−market information to more than 86 million households in the
United States and 340 million homes worldwide. In addition, MSNBC, NBC's joint venture with Microsoft, reaches 83
million U.S. cable subscribers and up to 24 million unique users each month on the Internet. Networks acquired as part of
the Vivendi Universal Entertainment acquisition include the nation's most−watched basic cable network, USA Network,
and SCI FI Channel. NBC Universal also has equity stakes in the A&E Network, the History Channel, and ValueVision's
home shopping network, and a non−voting interest in Paxson Communications Corporation. Internationally, NBC
Universal owns and operates a number of television channels offering entertainment programming across Europe and
Latin America. Prior to his association with NBC and now NBC Universal, Wright served as president of General Electric
Financial Services and, before that, as president of Cox Cable Communications. He has had a diversified career in general
management, marketing, and broadcasting. Much of it has been with General Electric, NBC Universal's parent company.
Wright has been the recipient of numerous honors, most recently the Visionary Award from the Museum of Television &
Radio. In 2005, Wright received the Humanitarian Award from the Simon Wiesenthal Center for fostering tolerance and
understanding through community involvement, educational outreach, and social action. Wright's past honors include the
Distinguished Leadership in Business Award from Columbia Business School, the Golden Mike Award from the
Broadcasters' Foundation, the Steven J. Ross Humanitarian of the Year award from the UJA−Federation of New York,
and the Gold Medal Award from the International Radio & Television Society Foundation. He has been honored by the
Center for Communication for his industry leadership and has received the Ad Council's Public Service Award in
recognition of his commitment to public service in both the public and private sectors. He has also been inducted into the
Broadcasting & Cable Hall of Fame. Wright is a founding member of the Global Leadership Group for BASCAP, the
Business Alliance to Stop Counterfeiting and Piracy. He has been a leading figure in the global business community in
raising awareness of the economic dangers of counterfeiting and piracy. He is on the board of trustees of the American
Film Institute and the Museum of Television and Radio, and serves on the board of directors of the Motion Picture and
Television Fund Corporation, the Damon Runyon Cancer Research Foundation, and the New York Center for Autism. He
is an honorary trustee of the Foundation of American Women in Radio and Television. In addition, Wright is on the board
of governors of New York−Presbyterian Hospital and is a member of the Society of New York Hospital Inc. Along with
his wife, Suzanne, Wright serves as co−founder of Autism Speaks, a foundation dedicated to raising public awareness and
research funds to find the answers to autism. Wright is a graduate of the College of the Holy Cross and the University of
Virginia School of Law, where he received his LL.B. degree. He and Suzanne live in Connecticut and have three grown
children.
Source: Company Web Site, 2007
Michael A. (Mike) Neal, Age 53
Title held since 2006: Vice Chairman; President and CEO, GE Commercial Finance; Chairman, GE Capital Services
Other Company Affiliations
Company
GE Commercial Finance
GE Franchise Finance Corporation
General Electric Capital Corporation
8
Title
President and CEO
President and CEO, GE Commercial Finance
Director; President and CEO, GE Commercial Finance
Salary
Bonus
−−
−−
−−
−−
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2002 − 2006, SVP; President and CEO, GE Commercial Finance
♦ Title held until 2002: President and COO, GE Capital
Biography
Michael A. Neal is President and Chief Executive Officer of GE Commercial Finance, an array of businesses that offer
financial services and products to businesses of any size, with particular expertise in the mid−market segment. With assets
of approximately $219 billion, GE Commercial Finance provides loans, operating leases, financial programs and other
services. Previously, Neal was President and Chief Operating Officer of GE Capital Corporation. He is a Senior Vice
President of GE Company, and a member of the Advisory Committee, Penske Truck Leasing Co., L.P. Neal has held
various assignments at General Electric Company since he began in 1979. He joined GE Capital in 1987 as Vice President
and General Manager of Vendor Financial Services. In 1990, he became General Manager of Commercial Equipment
Financing. Under Neal's direction, Commercial Equipment Financing, the world's largest supplier of middle−market
financing, recorded consistent growth, becoming one of the most profitable GE businesses. He was appointed Executive
Vice President of GE Capital in 1994 and has been recognized for planning and implementing successful GE Capital core
growth strategies, acquiring and building throughout Asia but notably in Japan, while driving Six Sigma and e−Business
to deliver breakthrough productivity. Recently, he led the effort to acquire Heller Financial Services, which at $20 billion
is largest−ever GE Capital acquisition. Neal is a member of the U.S. Advisory Board of the European Institute of Business
Administration (INSEAD) and has recently been appointed to the board of trustees of Fairfield University. Neal is also a
Trustee of the Georgia Tech Foundation and is on the Board of Stamford based Soundwaters. He has been the chairman of
the GE Capital New York/Connecticut/New Jersey tri−state United Way campaign and participates in several local
community volunteer activities through GE ELFUN. Neal received his B.S. degree from the Georgia Institute of
Technology in 1975.
Source: Company Web Site, 2007
John G. Rice, Age 50
Other Company Affiliations
Company
GE Industrial
GE Infrastructure
General Electric Capital Corporation
Title
President and CEO, GE Infrastructure
President and CEO
Director
Salary
−−
−−
−−
Bonus
−−
−−
−−
Recent Work Highlights
• General Electric Company
♦ Title held since 2006: Vice Chairman; President and CEO, GE Infrastructure
♦ 2005 − 2006, Vice Chairman; President and CEO, GE Industrial
♦ 2000 − 2005, President and CEO, GE Energy
Biography
John G. Rice is Vice Chairman of GE and President & CEO of GE Infrastructure. This business segment includes Energy,
Aviation, Rail, Oil & Gas, Water, Energy Financial Services, and Aviation Financial Services. Prior to his current
9
position, Rice served as Vice Chairman of GE and President & CEO of GE Industrial. Rice began his General Electric
career in 1978 as a member of the Financial Management Program, moving to the GE Corporate Audit Staff in 1981. In
1984 he joined GE Appliances, having various assignments in operations and consumer service. In 1992 Rice was named
President and CEO of GE's Canadian appliance affiliate in Toronto, Canada. He assumed leadership of the GE Corporate
Audit Staff in 1994, and a year later was appointed President of GE Plastics Asia/Pacific business headquarters in
Singapore. Rice was appointed President and CEO, GE Transportation Systems in Erie, Pennsylvania, in September 1997.
Rice was named President and CEO of GE Energy, a leading supplier of power generation technology, energy services,
and energy management systems in November of 2000 through June of 2005. Rice earned a Bachelor of Arts degree in
economics from Hamilton College in Clinton, New York, and currently serves on the Board of Trustees there. In addition,
Mr. Rice is a trustee of Emory University, the Woodruff Arts Center, the Georgia Research Alliance, and the Walker
School in Marietta, Georgia. In addition, he is past chairman of the Metro Atlanta Chamber of Commerce. He and his
family live in Roswell, Georgia.
Source: Company Web Site, 2007
Lloyd G. Trotter, Age 61
Title held since 2006: Vice Chairman; President and CEO, GE Industrial
Other Company Affiliations
Company
GE Industrial
Title
President and CEO
Salary
−−
Bonus
−−
Recent Work Highlights
• General Electric Company
♦ 2005 − 2006, EVP and Senior Operations Officer
♦ Title held until 2005: President and CEO, GE Consumer and Industrial
Biography
Lloyd G. Trotter is Vice Chairman of GE and President & CEO of GE Industrial. This $33 billion business segment
includes Consumer & Industrial, Plastics, Security, Sensing & Inspection Technologies, GE Fanuc Automation and
Equipment Services. Prior to this, Trotter was Executive Vice President, Operations, where he was responsible for leading
efforts to lower structural cost and improve operational excellence across GE's businesses. Previously, Trotter was
President and CEO of GE Consumer & Industrial, a $14 billion business that spans the globe as an industry leader in
major appliance and lighting products, and in integrated electrical distribution equipment and systems. Trotter assumed
leadership of that business following the merger of GE's Consumer Products, Industrial Systems and Supply businesses in
January of 2004. Trotter began his GE career in 1970 as a field service engineer with GE Lighting. He subsequently held
production and technology positions of increasing responsibility in GE's Lighting, Gas Turbine, Appliances and Electrical
Distribution & Control (ED&C) businesses. He was elected to the position of Vice President and General Manager of
Manufacturing for ED&C in 1990. In that role, he was responsible for the entire manufacturing process and for the
integration of 40 production facilities throughout the world. In 1992, he became President and Chief Executive Officer of
ED&C. He was named a GE Senior Vice President and the President and Chief Executive Officer of the new Industrial
Systems business in 1998 when ED&C merged with GE Industrial Controls Systems. Trotter is a founding member of
GE's African American Forum and is actively involved in numerous professional and community organizations. He
represents GE for America's Promise, an organization whose aim is to increase volunteerism in support of youth, founded
by Secretary of State Colin Powell. He is on the boards of the National Association of Manufacturers, the National Action
Council for Minorities in Engineering (NACME), and the GE Foundation. Trotter is regularly recognized for his
10
on−going commitment to volunteerism and mentoring. Trotter graduated from Cleveland State University with a
bachelor's degree in Business Administration in 1972. In 2001, he received an honorary doctorate degree in Business
Administration from that school. He resides in Connecticut with his wife Teri.
Source: Company Web Site, 2007
Keith S. Sherin, Age 48
Title held since 2006: SVP Finance and CFO
Other Company Affiliations
Company
General Electric Capital Corporation
Title
CFO and Director
Salary
−−
Bonus
−−
Recent Work Highlights
• General Electric Company
♦ 1998 − 2006, SVP, Finance and CFO
Biography
Keith Sherin joined the GE Financial Management Program in Medium Steam Turbine after graduating from the
University of Notre Dame in 1981. After three years, he joined the Corporate Audit Staff where he progressed to
Executive Audit Manager and later Manager, Programs and Planning. Sherin earned an M.B.A. from Columbia University
in 1991 and was promoted to Manager, Finance for Commercial Engine Operations at GE Aircraft Engines in early 1992.
In mid−1993, Sherin was named Director, Finance for GE Plastics Europe, located in Bergen op Zoom, The Netherlands.
In the fall of 1995, Sherin joined GE Medical Systems as Manager−Global Finance and Financial Services and was
promoted to Vice President−Finance & Financial Services Operation for GEMS in June 1996. Sherin has been Senior
Vice President, Finance, and Chief Financial Officer for General Electric Company since December 1998.
Source: Company Web Site, 2007
John F. Lynch, Age 54
Title held since 2007: SVP Human Resources
Biography
Lynch has been a GE leader for more than 15 years, the past five as the head of the human resource function for GE
Healthcare. At Healthcare, Lynch helped to lead the successful integration of two major acquisitions, Amersham and
Instrumentarium. Previously, Lynch headed HR at GE Global Consumer Finance, which is now GE Money. Before
joining GE, Lynch spent 18 years as an HR leader in the commercial and retail finance subsidiary of Lloyds Bank in the
United Kingdom. Lynch is a native of Scotland and was educated at Blairs College, Aberdeen, and at St. Andrew's
College.
Source: Company Press Release, December 18, 2006
11
Pamela Daley, Age 54
Title held since 2004: SVP Corporate Business Development
Other Company Affiliations
Company
General Electric Capital Corporation
World Wildlife Fund
Title
Director
Director
Salary
−−
−−
Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ 1991 − 2004, VP and Senior Counsel, Transactions
Biography
Pamela Daley is Senior Vice President for Corporate Business Development. Daley was Senior Vice President and Senior
Counsel for Transactions from 1991 to 2004. She joined GE in 1989 as Tax Counsel. Prior to joining GE, Daley was a
partner of Morgan, Lewis & Bockius, where she specialized in domestic and cross−border tax−oriented financings and
commercial transactions. She was an adjunct professor at the University of Pennsylvania Law School from 1982 through
1989, teaching Federal Income Taxation of Partners and Partnerships. Daley received her B.A. degree with highest honors
from Princeton University in 1974 in Romance Languages and Literatures. In 1979, she graduated first in her class from
the University of Pennsylvania Law School, where she served as Editor−in−Chief of the Law Review. She is a member of
Phi Beta Kappa and Order of the Coif. Daley serves on the Board of Directors of General Electric Capital Corporation, the
GE Foundation and the World Wildlife Fund. She is also a member of the Board of Overseers of the University of
Pennsylvania Law School.
Source: Company Web Site, 2007
Gary M. Reiner, Age 51
Title held since 1996: SVP and CIO
Biography
Gary M. Reiner is Senior Vice President and Chief Information Officer of GE, a position he has held since 1996. Reiner
joined GE in 1991 as Vice President−Corporate Business Development where he was responsible for evaluating new
business ideas and acquisitions, strategic planning, company−wide sourcing and driving best practices throughout the
business. In 1996, he led the company's Six Sigma Quality initiative, driving process implementation and program
execution across all GE businesses. As part of his current role, Reiner leads the GE information technology, sourcing and
Lean Six Sigma efforts company−wide. Reiner received a B.A. in economics from Harvard in 1976 and earned an M.B.A.
from Harvard Business School in 1980. He joined the Boston Consulting Group in 1980 and was elected a partner in
1986. His work there focused on strategic and process issues for high−technology businesses.
Source: Company Web Site, 2007
12
Mark M. Little, Age 53
Title held since 2005: SVP and Director of Global Research
Other Company Affiliations
Company
GE Global Research
Title
SVP and Director
Salary
−−
Bonus
−−
Recent Work Highlights
• General Electric Company
♦ Title held until 2005: President, Energy Products, GE Energy
Biography
At Global Research, some 2,500 people from virtually every major scientific and engineering discipline focus on the
company's long−range technology needs. The organization has research facilities in the United States, India, China and
Germany working in collaboration with GE businesses around the world. Prior to becoming Senior Vice President, Little
was Vice President of GE Energy's power generation segment headquartered in Schenectady, New York. GE Energy is a
world leading supplier of power generation equipment including gas, steam, wind and hydro turbine−generators, turnkey
power plant services, gasification technologies and IGCC (integrated gasification combined cycle). In addition to
Schenectady, key business locations for GE Energy include Greenville, South Carolina; Bangor, Maine; Tehachapi,
California; Houston, Texas; Lachine, Canada; Salzbergen, Germany; Belfort and Bourogne, France. Mark holds B.S. and
M.S. degrees in mechanical engineering from Tufts and Northeastern universities, respectively, and in 1982 earned a
Ph.D. in mechanical engineering at Rensselaer Polytechnic Institute.
Source: Company Web Site, 2007
Brackett B. Denniston, Age 59
Title held since 2004: SVP and General Counsel
Other Company Affiliations
Company
American Arbitration Association, Inc.
General Electric Capital Corporation
Title
Director
Director
Salary
−−
−−
Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ Title held until 2004: VP and Senior Counsel, Litigation and Legal Policy
Biography
Counsel. He is responsible for the worldwide GE legal organization and for all GE legal operations, reporting directly to
Mr. Immelt. He is a member of GE's Corporate Executive Council, the GE Capital Corporation Board of Directors and is
chair of the Company's Policy Compliance Review Board. Mr. Denniston joined GE as Vice President, Senior Counsel
For Litigation and Legal Policy in September 1996. Prior to joining GE, he was Chief Legal Counsel to Governor William
13
F. Weld of Massachusetts from 1993 to 1996. His responsibilities included judicial selection, litigation, criminal justice
issues and legislation. He was a partner, and earlier an associate, at Goodwin, Procter and Hoar in Boston (1974−1982,
1986−1993) where he specialized in complex civil litigation, securities matters and white−collar crime. He represented
parties in matters ranging from insider trading cases, pharmaceutical prosecutions, securities fraud and banking cases. He
was a member of the firm's Executive Committee and numerous other firm committees. From 1982 to 1986, Mr.
Denniston was Chief of the Major Frauds Unit of the U.S. Attorney's Office, responsible for white−collar crime
prosecutions, and a member of the Attorney General's White Collar Crime Operations Committee. He was awarded the
Department of Justice's Director's Award for Superior Performance for his role in over one hundred successful
prosecutions. Mr. Denniston served as a law clerk to the Honorable Herbert Y. Choy of the United States Court of
Appeals for the Ninth Circuit in 1973−74. He is a summa cum laude graduate of Kenyon College and a magna cum laude
graduate of Harvard Law School, where he was an editor of the "Harvard Law Review."
Source: Company Web Site, 2007
David R. (Dave) Nissen, Age 55
SVP; President and CEO, GE Money
Other Company Affiliations
Company
GE Money
General Electric Capital Corporation
Title
President and CEO
Director; President and CEO, GE Consumer Finance
Salary
−−
−−
Bonus
−−
−−
Biography
David Nissen is the President and CEO of GE Money, a leading provider of credit services to retailers, auto dealers, and
consumers in over 50 countries around the world. With assets of over $190 billion, GE Money offers private label credit
cards and sales finance to the world's leading retailers and manufacturers, plus corporate cards for commercial customers,
and personal loans, mortgages, automobile financing, and diversified financial products directly to consumers. Mr. Nissen
joined GE Capital in 1981 in strategic planning and business development. In 1983, he joined Card Services where he
held a variety of marketing and product leadership positions. In 1987, he was promoted to General Manager of Card
Services where he was responsible for the leadership of GE's private label card business serving over 300 retailers and
manufacturers. Under Mr. Nissen's direction, Card Services expanded its product lines into commercial cards and secured
lending while adding new segments such as shop−at−home, department store, and international. From 1990 to 1993, Mr.
Nissen was General Manager of U.S. Consumer Financial Services. In this role he led the 10th largest U.S.
Visa/MasterCard bank in the U.S. (Monogram Bank). In 1993, Mr. Nissen was asked to take GE Money around the globe.
GE Money now has operations on five continents with approximately 50,000 employees. Today, GE Money is the second
largest business in GE and one of the largest financial services businesses in the world. Mr. Nissen was named an officer
of GE in 1996 and Senior Vice President of GE in 2001. In October 2003, Mr. Nissen was named one of "Ten Retail
Banking Heroes" by Retail Banker International. The publication cited Mr. Nissen as one of ten individuals who helped
shape the consumer banking industry landscape during the period covering 1981−2003. Mr. Nissen holds a bachelor's
degree from Northwestern University (Evanston, Illinois) and an MBA from the University of Chicago. He is on the board
of the Stamford Hospital Corporation, and the Financial Services Roundtable. He lives in Stamford, Connecticut, and his
hobbies include golf, tennis and jet skiing.
Source: Company Web Site, 2007
14
James P. (Jim) Campbell
Title held since 2005: SVP; President and CEO, GE Consumer & Industrial
Other Company Affiliations
Company
GE Consumer & Industrial
GE Industrial
Title
Salary
President and CEO
President, GE Consumer & Industrial
−−
−−
Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2004 − 2005, President and CEO, GE Consumer and Industrial, Americas
♦ 2002 − 2004, President and CEO, GE Consumer Products
♦ Title held until 2002: SVP; President and CEO, GE Appliances
Biography
James P. Campbell is President and Chief Executive Officer of GE Consumer & Industrial, a $14 billion global business
that employs 60,000 people around the world in more than 100 locations. Consumer & Industrial spans the globe as an
industry leader in major appliance and lighting products, and in integrated electrical distribution equipment and systems.
Before assuming his current position in November 2005, Campbell was President and CEO, GE Consumer &
Industrial−Americas. In that role, he directed the manufacture, marketing and sale of appliances, lighting and industrial
products across North and South America. He assumed the leadership of this $9 billion division following the merger of
GE Consumer Products and GE Industrial Systems in January 2004. Campbell joined GE in 1981 as a Sales/Marketing
trainee in GE Appliances' Northeast Region. He quickly moved into management roles as an area sales leader,
merchandising manager and regional sales manager. Following his field experience, Campbell moved in 1992 to GE
Appliances' Louisville headquarters to become Manager, Microwave Cooking Products and Product Manager, Built−In
Cooking Products. He subsequently moved into roles of increasing responsibility leading marketing, sales and product
management organizations before being appointed Vice President of Sales and Marketing and a GE Company Officer in
1999. In 2001 he was named President and CEO of GE Appliances. Campbell assumed the role of President and CEO of
GE Consumer Products in September 2002 when GE merged its appliances and lighting businesses. Campbell earned a
Bachelor of Science degree in Marketing from St. John's University and an MBA in Marketing Management from Hofstra
University. He is on the boards of the National Electrical Manufacturers Association (NEMA) and the Frazier
International History Museum and is an active member of the Louisville GE Volunteers chapter. Campbell and his family
reside in Louisville, Kentucky.
Source: Company Web Site, 2007
Joseph M. (Joe) Hogan, Age 50
SVP; President and CEO, GE Healthcare
Other Company Affiliations
Company
GE Healthcare
15
Title
President and CEO
Salary
−−
Bonus
−−
Biography
Joe Hogan is Senior Vice President and CEO of GE Healthcare, a $14 billion segment of General Electric Company. GE
Healthcare is the global leader in medical diagnostic technology and biosciences. Joe began his career at GE in 1985,
advancing through a series of leadership roles in sales, marketing and product development at GE Plastics. In March 1998,
Joe was named President and CEO of GE Fanuc Automation North America, Inc., a global supplier of industrial controls
systems headquartered in Charlottesville, VA, and a joint venture between GE and FANUC, Ltd. Japan. Joe was named
President and CEO of GE Healthcare Technologies (formerly GE Medical Systems) in November 2000. Joe earned a B.S.
degree in Business Administration from Geneva College and an MBA from Robert Morris University. He sits on the
Boards of the New York Academy of Medicine, the Multiple Myeloma Research Foundation and the Advisory Board of
the CDC (Center for Disease Control). Joe and his wife have three sons and they reside in Oconomowoc, Wisconsin.
Source: Company Web Site, 2007
Michael E. Pralle, Age 49
Title held since 2005: SVP; President and CEO, GE Real Estate, GE Commercial Finance
Other Company Affiliations
Company
GE Commercial Finance
GE Real Estate
General Electric Capital Corporation
Title
President and CEO, GE Real Estate
President and CEO
President and CEO, Real Estate, GE Commercial Finance
Salary Bonus
−−
−−
−−
−−
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2003 − 2005, President and CEO, Real Estate, GE Commercial Finance
♦ Title held until 2003: President and CEO, GE Capital Real Estate
Biography
Michael E. Pralle is President and CEO of GE Real Estate, one of the industry's leading global sources for commercial
real estate capital through Structured Finance, Equity and Capital Markets products. GE Real Estate has a portfolio of
over $18 billion in assets, and is invested in more than 2,500 properties in 15 countries around the world. Prior to
becoming President of GE Real Estate Michael served as President of GE Equity, the business responsible for making
common equity, preferred stock, and convertible debt investments in private companies in the US, Europe and Asia. GE
Equity is a global business with over $5 billion in assets invested in more than 300 companies in 25 countries around the
world. Michael served as President GE Capital Asia Pacific, where he supervised GE Capital's activities in 15 countries
across North and Southeast Asia. He held this position from August, 1993 until March, 1996. From July, 1991 through
August, 1993, Michael was Vice President and General Manager of Distribution Financial Services, a $1.5 Billion
commercial automobile financing unit. He joined GE Capital in August, 1989 as Vice President Business Development on
the corporate headquarters staff responsible for M&A activities for half the GE Capital businesses. Prior to joining GE,
Michael spent six years with management consultants, McKinsey and Co., working in their London and Hong Kong
offices. Michael attended Harvard University where he received his B.A. in Economics, magna cum laude, in 1978, and
the Stanford Graduate School of Business where he received his M.B.A. in 1982 and was awarded an Arthur D. Little
Fellowship. Michael serves on the Board of Family Centers of Stamford and Greenwich, a non−profit community service
organization and has been a member of Young President's Organization since 1994.
16
Source: Company Web Site, 2006
Mark W. Begor, Age 47
SVP; President and CEO, Americas, GE Money
Other Company Affiliations
Company
GE Money
General Electric Capital Corporation
Title
President and CEO, Americas
President and CEO, Americas, GE Consumer Finance
Salary
Bonus
−−
−−
−−
−−
Biography
Mark Begor is Card Services President and Chief Executive Officer, GE Card Services, based in Stamford, Conn. In his
current role, he is responsible for partnering with clients, as well as functional and process leaders, to help identify new
opportunities to drive business growth and operational excellence. Mark came to Card Services as Chief Operating Officer
in January 2002 from NBC, where he served as Executive Vice President and Chief Financial Officer, reporting to NBC
Chairman Bob Wright. Mark also served as the President for NBC Business Development and Interactive Media. While at
NBC, Mark led all financial activities for NBC's $5.5 billion network, cable, station, international and Internet businesses,
as well as business development and information technology. Most recently, he oversaw the network's pending $2.7
billion deal to acquire Telemundo Communications Group Inc.An NBC executive since 1998, Begor handled a variety of
significant business transactions at NBC, including the company's acquisition of equity stakes in Paxson Communications
and ValueVision International. Before coming to NBC, Begor spent 18 years with General Electric. He was appointed a
GE Company officer in December 1996 after spending two years as GE's manager of Investor Communications. While in
the Investor Communications role, Begor reported to the CEO and CFO of GE and was a member of GE's Corporate
Executive Council. Named Investor Relations Officer of the Year in 1997 and 1998 by Investor Relations magazine,
Begor successfully led the company's communications with GE institutional and individual investors and Wall
Street.Begor began his career with GE in 1980 in the Financial Management Program. He joined GE's corporate audit
staff in 1983, rising to the post of executive audit manager in 1987. Begor moved to GE Plastics in 1989 to become
manager of Operations Analysis and Financial Support and was appointed director of Finance and Business Development
for GE Plastics Pacific based in Singapore in 1990. In 1993, he was named general manager of GE Plastics' Global
Sourcing and Petrochemicals operation, where he led the revitalization of the global plastics sourcing process until being
named to the investor communications position in 1995.Begor is a graduate of Syracuse University and holds a master's
degree in business administration from Rennselaer Polytechnic Institute. He lives in Wilton, Conn. with his wife, Kristen,
and their three children.
Source: Company Web Site, 2004
Yoshiaki Fujimori, Age 54
SVP; President and CEO, Asia
Other Company Affiliations
Company
GE Money
General Electric Capital Corporation
17
Title
President and CEO, Asia
President and CEO, Asia, GE Consumer Finance
Salary
−−
−−
Bonus
−−
−−
Biography
Yoshiaki Fujimori is President and CEO, Asia responsible for working on behalf of all GE businesses to expand customer
relationships and to develop new business markets across Asia. He is based in Tokyo, Japan. Fujimori joined GE Japan in
October 1986 as Manager, Business Development. Since 1988 he has been in GE Medical Systems, successively holding
General Manager and Global Manager positions in key segments including Nuclear Medicine, CT and MR. He spent
seven years at the company's global headquarters in Milwaukee, WI, before returning to Tokyo as President and CEO, GE
Medical Systems−Asia in October 1997. He was named a GE Company Vice President in 1997. From May 2001 to
January 2003, Fujimori was President and CEO of GE Plastics, headquartered in Pittsfield, MA. Prior to joining GE, he
spent 11 years with Nissho Iwai Corporation as an analyst and manager. Fujimori attended the University of Tokyo and
received a bachelor's degree in petroleum engineering in 1975. He received an M.B.A. from Carnegie−Mellon Graduate
School of Business.
Source: Company Web Site, 2007
Charlene T. Begley, Age 39
Title held since 2005: SVP; President and CEO, GE Plastics, GE Industrial
Other Company Affiliations
Company
GE Industrial
GE Plastics
Title
President and CEO, GE Plastics
President and CEO
Salary
−−
−−
Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ 2003 − 2005, President and CEO, GE Transportation, Rail
Biography
Charlene Begley is president and chief executive officer of GE Plastics, which has its headquarters at Pittsfield, Mass. She
was named to this position in July 2005. GE Plastics is a $7 billion global plastics materials supplier and distributor,
serving customers in a variety of industries including aerospace, appliances, automotive, building and construction, data
storage and optical media, medical, electrical and electronics devices, telecommunications, computers and peripheral
devices, outdoor vehicles and devices, and packaging. The Plastics business employs about 11,000 people and operates
some 60 manufacturing and technology facilities in 20 countries worldwide. Begley began her career at General Electric
in 1988. She has held a variety of leadership roles within the company including vice president of operations at GE
Capital Mortgage Services, quality leader and later chief financial officer at GE Transportation Systems, director of
finance for GE Plastics−Europe, vice president of the Corporate Audit Staff and CEO at GE FANUC Automation. In
January 2003, she was named president and CEO of GE Transportation's rail business. Begley serves on the World
Economic Forum's Young Global Leaders and the Business Advisory Council at the University of Vermont. She is a
graduate of the University of Vermont.
Source: Company Web Site, 2007
18
Scott C. Donnelly, Age 45
Title held since 2005: SVP; President and CEO, GE Aircraft Engines, GE Infrastructure
Other Company Affiliations
Company
GE Aviation
GE Infrastructure
Title
Salary
President and CEO
President and CEO, GE Aircraft Engines
−−
−−
Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ Title held until 2005: SVP, Global Research and Development
Biography
Scott C. Donnelly is president and CEO for GE's Aviation business. Prior to his July 2005 appointment, Donnelly was
senior vice president and director of GE Global Research, one of the world's largest and most diversified industrial
research organizations, with facilities in the United States, India, China and Germany. Donnelly joined GE in 1989 as
manager of Electronics Design Engineering for GE's Ocean Systems Division in Syracuse, NY. He went on to serve in
leadership roles for the company, including engineering management positions with then−GE division of Martin Marietta
in both Australia and the U.S. In 1995, he moved to GE's Industrial Control Systems business, where he held leadership
positions as manager of Technology and System Development, and later general manager of Industrial Systems
Technology. Donnelly was named a vice president of General Electric in 1997, responsible for Global Technology
Operations at GE Healthcare. Donnelly is a 1984 graduate of the University of Colorado at Boulder, where he earned a
bachelor's degree in electrical and computer engineering. He serves on the Engineering Advisory Committees at Stanford
and Cornell Universities, the Center for Innovation in Minimally Invasive Therapy at Massachusetts General Hospital and
is a member of the NIST Visiting Committee on Advanced Technology.
Source: Company Web Site, 2007
John Krenicki, Age 44
Title held since 2005: SVP; President and CEO, GE Energy, GE Infrastructure
Other Company Affiliations
Company
GE Aero Energy
GE Energy
GE Infrastructure
Title
President and CEO
President and CEO
President and CEO, GE Energy
Recent Work Highlights
• General Electric Company
♦ 2003 − 2005, President and CEO, GE Advanced Materials
19
Salary
−−
−−
−−
Bonus
−−
−−
−−
Biography
John Krenicki, Jr., is President and CEO of GE Energy, a leading supplier of power generation technology, energy
services and energy management systems. He was named to his current position in July 2005. Krenicki's General Electric
career began in the Technical Marketing Program. Since then, he has progressed in the company through leadership roles
at GE Plastics, Silicones and Structured Products. Krenicki was the CEO of GE−Bayer Silicones (a GE joint venture) in
Erkarth, Germany, from 1997 to 1999. At that time, he was named a GE Company Officer and became a Vice President
and General Manager of the Americas for GE Lighting. Krenicki was Vice President and General Manager of GE
Superabrasives in Worthington, Ohio, before being promoted to President and CEO of GE Transportation Systems in June
2000. In January 2003, he was named a Senior Vice President of GE and President and CEO of GE Plastics. A year later,
GE Silicones and GE Quartz were combined with GE Plastics to form GE Advanced Materials. Krenicki was President
and CEO of GE Advanced Materials until July 2005. Krenicki earned a Bachelor of Science Degree in Mechanical
Engineering from the University of Connecticut in 1984. He received a Master of Science Degree in Management from
Purdue University.
Source: Company Web Site, 2007
Ronald R. (Ron) Pressman, Age 49
Title held since 2006: SVP; President and CEO, GE Asset Management
Other Company Affiliations
Company
General Electric Capital
Corporation
Title
Director; President and CEO, GE Insurance Solutions and Employers
Reinsurance Corporation
Salary Bonus
−−
−−
Recent Work Highlights
• General Electric Company
♦ Title held until 2006: SVP; President and CEO, GE Insurance Solutions and Employers Reinsurance
Corporation
Biography
Pressman began his GE career in 1980 after graduating from Hamilton College. Key leadership roles in GE have included
leading GE Capital Real Estate from 1997 to 2000. Prior to this he led GE Power Systems' Product Businesses and
Technology Programs. He spent six years in Europe as CEO of GE Power Systems Europe and General Manager of GE's
Central and Eastern European operations. Prior to his European experience, Ron spent three years on Wall Street leading
the financial team of Kidder Peabody and Co. after GE's acquisition in 1987. Most recently, Ron was Chairman, President
and CEO of GE Insurance Solutions, one of the world's leading providers of commercial insurance, reinsurance and risk
management services. Ron led the recent sale of major portions of this business to Swiss Re and Berkshire Hathaway. The
sale of GE Insurance Solutions to Swiss Re is expected to close in the second quarter of 2006.
Source: Company Press Release, May 15, 2006
Deborah (Deb) Elam, Age 44
Title held since 2006: VP and Chief Diversity Officer
20
Biography
Deborah Elam is Vice President & Chief Diversity Officer. Most recently, Elam was GE's Manager of Diversity &
Inclusive Leadership. From 2000 to 2002, Elam was Managing Director of Human Resources for Corporate Financial
Services within GE Commercial Finance. From 1997 to 2000, Elam was Managing Director of Human Resources for GE
Capital Markets Services. She started with GE as a member of the Human Resources Leadership Program (HRLP) in
1987. Elam received her Masters' degree in Public Administration from Southern University in 1987 and her Bachelors'
degree in Sociology from Louisiana State University in 1984.
Source: Company Press Release, February 24, 2006
Q. Todd Dickinson
VP and Chief Intellectual Property Counsel
Biography
Todd has more than 25 years of experience as an intellectual property lawyer, most recently as a partner in the law firm of
Howrey Simon Arnold & White, where he helped lead the Intellectual Property Practice Group, focusing on counseling,
licensing, prosecution, strategic portfolio management and government relations issues involving intellectual property.
Todd also served as the Under Secretary of Commerce for Intellectual Property and Director of the U.S. Patent and
Trademark Office as well as the principal Executive Branch policy advisor on intellectual property matters. Todd is a
graduate of Allegheny College and the University of Pittsburgh School of Law.
Source: Company Press Release,
Daniel S. (Dan) Henson, Age 44
Title held since 2006: VP and Chief Marketing Officer
Recent Work Highlights
• General Electric Company
♦ 2005 − 2006, Chief Commercial Officer, GE Commercial Finance
♦ 2002 − 2005, President and CEO, GE Vendor Financial Services, GE Commercial Finance
♦ Title held until 2002: President and CEO, GE Capital Fleet and Auto Financial Services
Biography
Dan Henson was named GE's Chief Marketing Officer in January 2006. He is responsible for driving sales and marketing
excellence, sales force effectiveness, enterprise accounts, strategic marketing, advertising, branding and communications.
He also leads cross−business marketing and sales initiatives including Imagination Breakthroughs, ecomagination and
GE's Experienced Commercial Leadership Program. Dan, a 19−year GE veteran, previously served as the Chief
Commercial Officer of GE Commercial Finance. Other leadership roles included President and Chief Executive Officer of
GE Vendor Financial Services, President & CEO of GE Capital Fleet Services and President and General Manager of GE
Capital Auto Financial Services. In 1999, he was named an officer of GE. Dan began his career with General Electric in
1987 as a District Marketing Manager for Vendor Financial Services, where he worked in a variety of sales, business
development and management roles. Dan spent six years outside the U.S., leading GE teams in London for European
Equipment Finance and in Mexico City for Commercial Equipment Finance. In 1998, he was named Chief Quality Officer
of GE Capital, overseeing all Six Sigma quality initiatives. Dan is a graduate of George Washington University's School
21
of Government and Business Administration in Washington, D.C. He lives in Connecticut with his wife and two children.
Source: Company Web Site, 2007
22
Overview
From turbines to TV, from household appliances to power plants, General Electric (GE) is plugged in to most of the
businesses that have shaped the modern world. The company produces −− take a deep breath −− aircraft engines,
locomotives and other transportation equipment, kitchen and laundry appliances, lighting, electric distribution and control
equipment, generators and turbines, and medical imaging equipment. GE is also one of the largest financial services
companies in the US, offering commercial finance, consumer finance, and equipment financing. Other operations include
the NBC television network.
GE is organized into six−industry−focused lines: GE Money, GE Commercial Finance, GE Healthcare, GE Infrastructure,
GE Industrial, and NBC Universal (80% owned).
CEO Jeff Immelt is emerging from the considerable shadow of his predecessor, Jack Welch, by not being shy about
making sweeping changes. He has diverged somewhat from Welch's slavish obsession with the bottom line and
encourages managers to innovate and take more risks. As a result, GE has been growing in such areas as biotech,
renewable energy, nanotechnology, and digital technology. Immelt has, however, taken a page from his former boss'
playbook by pursuing growth outside the US, particularly in emerging markets like India, China, Eastern Europe, Africa,
and the Middle East.
Immelt has set about reshaping GE, spinning off its life and mortgage insurance businesses into a new entity, Genworth
Financial, which went public in 2004; it completely divested its remaining stake in Genworth in 2006. Also that year, GE
sold off most of its remaining insurance businesses, including GE Insurance Solutions and Employers Reinsurance, in a
sale to Swiss Re. The company kept its US life reinsurance business.
Citing rising commodities costs, GE plans to sell its Advanced Materials unit, which makes silicone, quartz, and ceramics
products, to Apollo Management and has indicated it will unload its plastics division as well.
Meanwhile, GE has also been building some of its traditional businesses through acquisitions. In early 2007 the
company's aviation division acquired aircraft systems manufacturer Smiths Aerospace from Smiths Group. GE Energy
bought oil and gas production equipment supplier Vetco Gray and US retail natural gas distribution network of Kinder
Morgan, while GE Industrial struck an agreement to buy Microwave Data Systems. GE Healthcare is buying the
diagnostics business of Abbott Labs, adding to another growth segment for GE.
Also in 2007 GE announced it is acquiring PHH Corporation; GE will retain the company's fleet management unit, PHH
Arval, but will sell PHH Mortgage to Blackstone Group.
23
History
General Electric (GE) was established in 1892 in New York, the result of a merger between Thomson−Houston and
Edison General Electric. Charles Coffin was GE's first president, and Thomas Edison, who left the company in 1894, was
one of the directors.
GE's financial strength (backed by the Morgan banking house) and its research focus contributed to its initial success.
Early products included such Edison legacies as light bulbs, elevators, motors, toasters, and other appliances under the GE
and Hotpoint labels. In the 1920s GE joined AT&T and Westinghouse in a radio broadcasting venture, Radio Corporation
of America (RCA), but GE sold off its RCA holdings in 1930 because of an antitrust ruling.
By 1980 GE had reached $25 billion in revenues from plastics, consumer electronics, nuclear reactors, and jet engines.
But it had become rigid and bureaucratic. Jack Welch became president in 1981 and shook up the company. He
decentralized operations and adopted a strategy of pursuing only high−achieving ventures and dumping those that didn't
perform. GE shed air−conditioning (1982), housewares (1984), and semiconductors (1988), and with the proceeds
acquired Employers Reinsurance (1984); RCA, including NBC (1986, but sold RCA in 1987); CGR medical equipment
(1987); and investment banker Kidder, Peabody (1990).
In the early 1990s GE grew its lighting business. It bought mutual fund wholesaler GNA in 1993, and GE Investment
Management (now GE Financial Network) began selling mutual funds to the public.
GE sold scandal−plagued Kidder, Peabody to Paine Webber in 1994. General Electric Capital Services (GECS) expanded
its lines, buying Amex Life Insurance (Aon's Union Fidelity unit) and Life Insurance Co. of Virginia in 1995 and First
Colony the next year. The company sold its struggling GEnie online service in 1996 and formed an NBC and Microsoft
venture, the MSNBC cable news channel. In 1997 GE Engine Services bought aircraft engine maintenance firms
Greenwich Air Services and UNC.
GE acquired Lockheed Martin's medical imaging unit in 1997 and added to the medical systems business with the 1998
purchase of Marquette Medical Systems. In 1998 GECS became the first foreign company to enter Japan's life insurance
market when it bought assets from Toho Mutual Life Insurance and set up GE Edison Life.
In 1999 GECS bought the 53% of Montgomery Ward it didn't already own, along with the retailer's direct−marketing arm,
as Montgomery Ward emerged from bankruptcy. (Ward declared bankruptcy again in 2000.) In 2000 it reorganized GE
Information Systems to form an e−commerce unit, Global eXchange Services (GXS). (GE sold 90% of GXS to buyout
firm Francisco Partners in 2002.)
Later in 2000 the company announced its biggest acquisition of the Welch era. Moving in at the last minute, GE trumped
a rival bid from United Technologies and agreed to pay $45 billion in stock for manufacturing giant Honeywell
International and to assume $3.4 billion in Honeywell debt.
Welch, by then viewed as one of the best corporate leaders in the US, had agreed to postpone his retirement from April
2001 until the end of that year in order to oversee the completion of the Honeywell acquisition. But European regulators,
concerned about the potential strength of the combined GE−Honeywell aircraft−related businesses, blocked the
Honeywell deal that summer. Welch then stepped down, and Jeff Immelt, formerly president and CEO of GE Medical
Systems, succeeded him in September 2001.
Also in 2001 GE Capital expanded by buying commercial lender Heller Financial for $5.3 billion. The next year former
business segment GE Industrial Systems acquired electronic security company Interlogix for $777 million.
24
In a move intended to provide a clearer picture for investors, Immelt in 2002 divided the former GE Capital into four units
−− GE Commercial Finance, GE Consumer Finance, GE Equipment Management, and GE Insurance.
In 2003 GE acquired UK−based Amersham, a medical diagnostics and life sciences company, as well as First National
Bank, Allbank, and the retail sales finance business of Conseco.
25
Industry Information
Hoover's Industries
• Aerospace &Defense
♦ Aerospace & Defense Parts Manufacturing
• Industrial Manufacturing
♦ Industrial Equipment Leasing
♦ Industrial Machinery & Equipment Manufacturing
♦ Lighting & Other Fixture Manufacturing
• Media
♦ Television
◊ Television Cable, Pay & Broadcast Networks
• Health Care
♦ Health Care Products
◊ Medical Devices
• Automotive &Transport
♦ Container Leasing
♦ Rail & Trucking Equipment Manufacturing
• Consumer Products Manufacturers
♦ Appliances
Primary SIC Code
• 6159: Misc. business credit institutions
Primary NAICS Code
• 522298: All Other Nondepository Credit Intermediation
26
Competitors
Top Competitors
• Citigroup
• Philips Electronics
• Siemens AG
All Competitors
• AIG
• ALSTOM
• Agilent Technologies
• Bank of America
• CBS Corp
• CIGNA
• CIT Group
• Capital One
• Caterpillar
• Citigroup
• Cooper Industries
• Disney
• Electrolux
• General Motors
• General Re
• Hitachi
• ITT Corporation
• JPMorgan Chase
• Jacuzzi Brands
• Johnson Controls
• Matsushita
• News Corp.
• Philips Electronics
• Polaroid
• Raytheon
• Rockwell Automation
• Rohm and Haas
• Rolls−Royce
• Siemens AG
• Sony
• Textron
• ThyssenKrupp
• Toshiba
• United Technologies
• Viacom
• Washington Group
• Wells Fargo
• Whirlpool
27
Products and Operations
2006 Sales
$ mil.
Infrastructure
47,429
Industrial
33,494
Commercial finance
23,792
GE Money
21,759
Healthcare
16,562
NBC Universal
16,188
Corporate items & eliminations 4,167
Total
163,391
% of total
29
20
15
13
10
10
3
100
2006 Sales
$ mil. % of total
Sales of goods
64,297 39
GE Capital Services 60,154 37
Sales of services 36,403 22
Other
2,537 2
Total
163,391 100
Selected Subsidiaries
• Amersham plc (UK)
• Bently Nevada, LLC
• Caribe GE International of Puerto Rico, Inc.
• Cardinal Cogen, Inc.
• Datex−Ohmeda, Inc.
• GE Canada Company
• GE Drives and Controls, Inc.
• GE Druck Holdings Limited (UK)
• GE Energy Europe, B.V. (the Netherlands)
• GE Energy Parts, Inc.
• GE Energy Products France SNC
• GE Energy Services, Inc.
• GE Energy Services−Dallas, LP
• GE Engine Services Distribution, LLC
• GE Engine Services, Inc.
• GE Fanuc Automation Corporation
• GE Healthcare AS (Norway)
• GE Healthcare Bio−Sciences AB (Sweden)
• GE Healthcare Finland Oy
• GE Healthcare Ltd. (UK)
• GE Hungary Co., Ltd.
• GE Infrastructure, Inc.
• GE Ionics, Inc.
28
• GE Lighting/Plastics Austria GmbH & Co KG
• GE Medical Systems Global Technology Company, LLC
• GE Medical Systems Information Technologies, Inc.
• GE Medical Systems, Inc.
• GE Medical Systems, Ultrasound & Primary Care Diagnostics LLC
• GE Military Systems
• GE Osmonics, Inc.
• GE Packaged Power L.P.
• GE Security, Inc.
• GE Transportation Parts, LLC
• GE Transportation Systems Global Signaling, LLC
• GE Wind Energy, LLC
• General Electric Capital Services, Inc.
• General Electric Capital Corporation
• General Electric International, Inc.
• Granite Services, Inc.
• NBC Universal
• Nuclear Fuel Holding Co., Inc.
• Nuovo Pignone Holdings S.p.A. (99%, Italy)
• OEC Medical Systems, Inc.
• PII Limited (UK)
• Reuter−Stokes, Inc.
• Unison Industries LLC
• Viceroy, Inc.
29
Company Financials
Financial Overview
Company Type
Fiscal Year−End
Financial Filings
2006 Sales (mil.)
1−Year Sales Growth
2006 Net Income (mil.)
1−Year Net Income Growth
30
Public − NYSE: GE
Headquarters
December
SEC
$163,391.0
8.8%
$20,829.0
24.6%
Annual Income Statement
All amounts in millions of US Dollars unless otherwise noted.
Revenue
Cost of Goods Sold
Gross Profit
Gross Profit Margin
SG&A Expense
Depreciation & Amortization
Operating Income
Operating Margin
Nonoperating Income
Nonoperating Expenses
Income Before Taxes
Income Taxes
Net Income After Taxes
Dec 06
163,391.0
74,110.0
89,281.0
54.6%
35,309.0
9,158.0
44,814.0
27.4%
−−
19,286.0
24,620.0
3,954.0
20,666.0
Dec 05
150,242.0
66,814.0
83,428.0
55.5%
36,048.0
8,538.0
38,842.0
25.9%
−−
15,138.0
22,718.0
4,085.0
18,633.0
Dec 04
152,866.0
61,759.0
91,107.0
59.6%
49,278.0
8,385.0
33,444.0
21.9%
−−
12,036.0
20,480.0
3,661.0
16,819.0
Dec 03
134,187.0
51,206.0
82,981.0
61.8%
45,399.0
6,956.0
30,626.0
22.8%
−−
10,432.0
19,904.0
4,315.0
15,589.0
Dec 02
131,698.0
81,570.0
50,128.0
38.1%
14,697.0
5,998.0
29,433.0
22.3%
−−
10,216.0
18,891.0
3,758.0
15,133.0
Continuing Operations
Discontinued Operations
Total Operations
Total Net Income
Net Profit Margin
20,666.0
163.0
20,829.0
20,829.0
12.7%
18,633.0
(1,922.0)
16,711.0
16,711.0
11.1%
16,819.0
−−
16,819.0
16,819.0
11.0%
15,589.0
−−
15,589.0
15,002.0
11.2%
15,133.0
−−
15,133.0
14,118.0
10.7%
Diluted EPS from Continuing Operations ($)
Diluted EPS from Discontinued Operations ($)
Diluted EPS from Total Operations ($)
Diluted EPS from Total Net Income ($)
Dividends per Share
−−
−−
−−
2.01
1.03
−−
−−
−−
1.57
0.91
−−
−−
−−
1.60
0.82
−−
−−
−−
1.49
0.77
−−
−−
−−
1.41
0.73
Quarterly Income Statement
All amounts in millions of US Dollars unless otherwise noted.
Quarter Ending Quarter Ending Quarter Ending Quarter Ending
Mar 07
Dec 06
Sep 06
Jun 06
Revenue
Cost of Goods Sold
Gross Profit
Gross Profit Margin
31
40,195.0
16,851.0
23,344.0
58.1%
44,621.0
19,838.0
24,783.0
55.5%
40,693.0
18,468.0
22,225.0
54.6%
40,048.0
18,143.0
21,905.0
54.7%
Quarter
Ending
Mar 06
38,029.0
17,661.0
20,368.0
53.6%
SG&A Expense
Depreciation & Amortization
Operating Income
Operating Margin
Nonoperating Income
Nonoperating Expenses
Income Before Taxes
Income Taxes
Net Income After Taxes
9,424.0
2,585.0
11,335.0
28.2%
−−
5,699.0
5,417.0
907.0
4,510.0
9,258.0
2,486.0
13,039.0
29.2%
−−
5,272.0
7,547.0
968.0
6,579.0
8,726.0
2,294.0
11,205.0
27.5%
−−
5,139.0
5,851.0
889.0
4,962.0
8,849.0
2,246.0
10,810.0
27.0%
−−
4,527.0
6,048.0
1,100.0
4,948.0
8,476.0
2,132.0
9,760.0
25.7%
−−
4,348.0
5,174.0
997.0
4,177.0
Continuing Operations
Discontinued Operations
Total Operations
Total Net Income
Net Profit Margin
4,510.0
(2.0)
4,508.0
4,508.0
11.2%
6,579.0
(3.0)
6,576.0
6,576.0
14.7%
4,962.0
(95.0)
4,867.0
4,867.0
12.0%
4,948.0
(2.0)
4,946.0
4,946.0
12.4%
4,177.0
263.0
4,440.0
4,440.0
11.7%
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
−−
0.44
0.64
0.47
0.48
0.42
0.28
0.28
0.25
0.25
0.25
Diluted EPS from Continuing
Operations ($)
Diluted EPS from Discontinued
Operations ($)
Diluted EPS from Total
Operations ($)
Diluted EPS from Total Net
Income ($)
Dividends per Share
32
Annual Balance Sheet
All amounts in millions of US Dollars unless otherwise noted.
Assets
Dec 06
Current Assets
Cash
62,101.0
Net Receivables
13,954.0
Inventories
11,401.0
Other Current Assets
−−
Total Current Assets
87,456.0
Net Fixed Assets
74,966.0
Other Noncurrent Assets
534,817.0
Total Assets
697,239.0
Liabilities and Shareholder's Equity
Dec 06
Current Liabilities
Accounts Payable
29,823.0
Short−Term Debt
172,153.0
Other Current Liabilities
18,538.0
Total Current Liabilities
220,514.0
Long−Term Debt
260,804.0
Other Noncurrent Liabilities
103,607.0
Total Liabilities
584,925.0
Preferred Stock Equity
Common Stock Equity
Total Equity
Shares Outstanding (mil.)
Shareholder's Equity
−−
112,314.0
112,314.0
10,277.4
Dec 05
Dec 04
Dec 03
Dec 02
9,011.0
14,851.0
10,474.0
−−
34,336.0
67,528.0
571,457.0
673,321.0
Dec 05
15,328.0
50,713.0
9,778.0
−−
75,819.0
66,775.0
607,913.0
750,507.0
Dec 04
133,388.0
47,330.0
8,752.0
−−
189,470.0
53,382.0
404,631.0
647,483.0
Dec 03
8,910.0
53,710.0
9,247.0
−−
71,867.0
47,204.0
456,173.0
575,244.0
Dec 02
46,771.0
158,156.0
−−
204,927.0
212,281.0
146,762.0
563,970.0
30,995.0
157,694.0
17,539.0
206,228.0
212,670.0
220,788.0
639,686.0
37,180.0
134,917.0
−−
172,097.0
195,725.0
200,481.0
568,303.0
20,769.0
138,775.0
22,283.0
181,827.0
140,632.0
189,079.0
511,538.0
−−
109,351.0
109,351.0
10,484.3
−−
110,821.0
110,821.0
10,586.4
−−
79,180.0
79,180.0
10,063.1
−−
63,706.0
63,706.0
9,969.9
Quarterly Balance Sheet
All amounts in millions of US Dollars unless otherwise noted.
Assets
Current Assets
Cash
Net Receivables
Inventories
Other Current Assets
33
Quarter Ending
Mar 07
19,260.0
28,189.0
13,137.0
−−
Quarter Ending
Dec 06
62,101.0
13,954.0
11,401.0
−−
Quarter Ending
Sep 06
13,782.0
12,535.0
11,855.0
−−
Quarter Ending
Jun 06
11,099.0
12,043.0
11,744.0
−−
Quarter
Ending
Mar 06
8,503.0
12,558.0
11,364.0
−−
Total Current Assets
Net Fixed Assets
Other Noncurrent Assets
Total Assets
Liabilities and
Shareholder's Equity
Accounts Payable
Short−Term Debt
Other Current Liabilities
Total Current Liabilities
Long−Term Debt
Other Noncurrent
Liabilities
Total Liabilities
Preferred Stock Equity
Common Stock Equity
Total Equity
Shares Outstanding (mil.)
34
60,586.0
77,746.0
575,748.0
714,080.0
Quarter Ending
Mar 07
87,456.0
74,966.0
534,817.0
697,239.0
Quarter Ending
Dec 06
38,172.0
72,246.0
571,647.0
682,065.0
Quarter Ending
Sep 06
34,886.0
71,005.0
556,546.0
662,437.0
32,425.0
67,684.0
574,756.0
674,865.0
Quarter
Quarter Ending
Ending
Jun 06
Mar 06
25,755.0
175,002.0
19,717.0
220,474.0
275,071.0
Current Liabilities
29,823.0
23,813.0
172,153.0
167,206.0
18,538.0
20,430.0
220,514.0
211,449.0
260,804.0
242,927.0
24,154.0
157,449.0
21,020.0
202,623.0
236,935.0
23,527.0
153,200.0
21,181.0
197,908.0
222,970.0
104,366.0
103,607.0
116,307.0
114,087.0
146,462.0
599,911.0
584,925.0
570,683.0
553,645.0
567,340.0
Shareholder's Equity
−−
−−
112,314.0
111,382.0
112,314.0
111,382.0
10,277.4
10,308.1
−−
108,792.0
108,792.0
10,323.4
−−
107,525.0
107,525.0
10,398.4
−−
114,169.0
114,169.0
10,288.2
Annual Cash Flow
All amounts in millions of US Dollars unless otherwise noted.
Net Operating Cash Flow
Net Investing Cash Flow
Net Financing Cash Flow
Net Change in Cash
Depreciation & Amortization
Capital Expenditures
Cash Dividends Paid
Dec 06
30,646.0
(51,402.0)
23,230.0
2,474.0
9,158.0
(16,650.0)
(10,420.0)
Dec 05
37,641.0
(35,049.0)
(6,119.0)
(3,527.0)
8,538.0
(14,441.0)
(9,352.0)
Dec 04
36,484.0
(38,414.0)
4,594.0
2,664.0
8,385.0
(13,118.0)
(8,278.0)
Dec 03
30,289.0
(22,903.0)
(3,632.0)
3,754.0
6,956.0
(9,767.0)
(7,643.0)
Dec 02
29,488.0
(61,949.0)
32,938.0
477.0
5,998.0
(13,351.0)
(7,157.0)
Quarterly Cash Flow
All amounts in millions of US Dollars unless otherwise noted.
Quarter Ending
Mar 07
Net Operating Cash
Flow
Net Investing Cash
Flow
Net Financing Cash
Flow
Net Change in Cash
Depreciation &
Amortization
Capital Expenditures
Cash Dividends Paid
35
Quarter Ending
Dec 06
Quarter Ending
Sep 06
Quarter Ending
Jun 06
Quarter
Ending
Mar 06
4,942.0
8,951.0
9,491.0
6,695.0
5,509.0
(7,175.0)
(16,508.0)
(15,476.0)
(13,055.0)
(6,363.0)
7,218.0
7,864.0
8,701.0
5,491.0
1,174.0
4,985.0
307.0
2,716.0
(869.0)
320.0
2,585.0
2,486.0
2,294.0
2,246.0
2,132.0
(4,905.0)
(2,886.0)
(5,605.0)
(2,589.0)
(3,661.0)
(2,584.0)
(4,400.0)
(2,616.0)
(2,984.0)
(2,631.0)
Historical Financials
Year
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
2006
2005
2004
2003
2002
2001
2000
1999
Revenue
($ mil.)
163,391.0
150,242.0
152,866.0
134,187.0
131,698.0
125,913.0
129,853.0
111,630.0
Income Statement
Net Income
($ mil.)
20,829.0
16,711.0
16,819.0
15,002.0
14,118.0
13,684.0
12,735.0
10,717.0
Net Profit
Margin
12.7%
11.1%
11.0%
11.2%
10.7%
10.9%
9.8%
9.6%
2006 Year−End Financials
Debt Ratio
232.2%
Return on Equity
18.5%
Cash ($ mil.)
62,101.0
Current Ratio
0.40
Long−Term Debt ($ mil.)
260,804.0
Shares Outstanding (mil.)
10,277.4
Dividend Yield
2.8%
Dividend Payout
−−
Market Cap ($ mil.)
382,421.0
Stock History
Stock Price ($)
P/E
Year
FY
FY
FY
High
Low
High
Low
Close
Dec 2006
38.49
32.06
37.21
19
16
Dec 2005
37.34
32.67
35.05
24
21
Dec 2004
37.75
28.88
36.50
24
18
Dec 2003
32.42
21.30
30.98
22
14
Dec 2002
41.84
21.40
24.35
30
15
Dec 2001
53.55
28.50
40.08
39
21
Data Definitions
36
Earns.
2.01
1.57
1.60
1.49
1.41
1.38
Employees
−−
316,000
307,000
305,000
315,000
310,000
313,000
340,000
Per Share ($)
Book
Div.
Value
1.03
10.93
0.91
10.43
0.82
10.47
0.77
7.87
0.73
6.39
0.66
5.52
Market Data
Current Information
Last Close (11−May−2007)
$36.97 Price/Sales Ratio
2.30
52−Week High
$38.49 Price/Book Ratio
3.33
52−Week Low
$32.06 Price/Earnings Ratio
60−Month Beta
Market Cap (mil.)
Shares Outstanding (mil.)
Dividend Rate
Dividend Yield
# of Institutional Holders
Latest Short Interest Ratio
Growth Rates
18.39
0.7 Price/Cash Flow Ratio
12.64
$380,353.2 Return on Assets
3.0%
10,288.2 Return on Equity
18.9%
1.06 Current Ratio
0.28
106.0% Long−Term Debt/Equity
3.94
1,686 % Owned by Institutions
62.0%
1.31 Latest Net Insider Transactions
5,644.00
12 Month
36 Month
60 Month
Revenue Growth
11.5%
20.7%
31.5%
EPS Growth
22.6%
32.2%
42.6%
Dividend Growth
12.8%
35.9%
55.9%
Data Definitions
37
Comparison Data
Company
Industry1
Market2
Gross Profit Margin
55.70%
33.60%
51.60%
Pre−Tax Profit Margin
15.00%
1.70%
6.40%
Net Profit Margin
12.60%
1.70%
5.10%
Return on Equity
18.9%
5.8%
9.6%
Return on Assets
3.0%
1.8%
1.5%
Return on Invested Capital
3.2%
3.3%
4.2%
Company
1
Market2
2.30
1.82
2.29
18.39
23.45
19.35
3.33
2.31
2.23
12.64
17.07
13.60
Company
Industry1
Market2
62.15
64.62
57.46
Inventory Turnover
6.0
4.6
5.8
Days Cost of Goods Sold in Inventory
61
79
63
Asset Turnover
0.2
0.8
0.6
Net Receivables Turnover Flow
8.1
5.9
6.5
15.5%
13.7%
29.4%
Company
Industry1
Market2
0.28
2.61
1.68
0.2
1.8
1.2
Leverage Ratio
0.63
0.20
0.24
Total Debt/Equity
3.94
0.32
0.62
Interest Coverage
2.20
13.54
5.30
Company
1
Market2
16.09
4.04
5.54
−−
−−
−−
Dividends Per Share
1.06
0.38
0.65
Cash Flow Per Share
2.92
0.13
0.45
(15.54)
1.90
0.58
26.74
0.52
2.54
Profitability
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Per Share Data ($)
Revenue Per Share
Fully Diluted Earnings Per Share
from Total Operations
Working Capital Per Share
Long−Term Debt Per Share
38
Industry
Industry
Book Value Per Share
11.10
3.07
5.04
Total Assets Per Share
69.41
4.89
10.44
Company
1
Market2
Growth
Industry
12−Month Revenue Growth
11.5%
12.6%
12.6%
12−Month Net Income Growth
21.6%
22.8%
15.7%
12−Month EPS Growth
22.6%
19.9%
11.4%
12−Month Dividend Growth
12.8%
0.0%
0.0%
36−Month Revenue Growth
20.7%
42.9%
38.5%
36−Month Net Income Growth
37.1%
98.7%
48.6%
36−Month EPS Growth
32.2%
91.6%
43.4%
36−Month Dividend Growth
35.9%
0.0%
0.0%
2
Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
Data Definitions
39
Competitive Landscape
KEY: Best of Group. Companies listed are Top Competitors.
Key Numbers
Annual Sales ($ mil.)
Employees
Market Cap ($ mil.)
Profitability
GE Citigroup
163,391.0 146,558.0
Philips
Siemens AG
Electronics
35,616.4
110,798.0
−−
−−
−−
−−
475,000
−−
−−
380,353.2 262,705.4
−−
−−
−−
−−
−−
GE Citigroup
Philips
Siemens AG Industry2 Market3
Electronics
Gross Profit Margin
55.70%
102.90%
30.70%
26.90%
Pre−Tax Profit Margin
15.00%
18.90%
4.50%
5.00%
1.70%
6.40%
Net Profit Margin
12.60%
13.50%
20.00%
3.50%
1.70%
5.10%
Return on Equity
18.9%
17.7%
28.4%
11.0%
5.8%
9.6%
Return on Assets
3.0%
1.2%
15.6%
3.5%
1.8%
1.5%
Return on Invested Capital
3.2%
0.0%
20.6%
5.9%
3.3%
4.2%
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
GE Citigroup
33.60% 51.60%
Philips
Siemens AG Industry2 Market3
Electronics
2.30
1.69
1.30
0.96
1.82
2.29
18.39
12.44
6.72
27.44
23.45
19.35
3.33
2.15
1.53
2.85
2.31
2.23
12.64
−−
41.20
16.77
17.07
13.60
GE Citigroup
Philips
Siemens AG Industry2 Market3
Electronics
62.15
122.17
71.46
77.36
64.62
57.46
Inventory Turnover
6.0
−−
6.2
3.9
4.6
5.8
Days Cost of Goods Sold in
Inventory
61
−−
59
93
79
63
Asset Turnover
0.2
0.1
0.8
1.0
0.8
0.6
Net Receivables Turnover Flow
8.1
3.3
5.5
4.8
5.9
6.5
15.5%
28.7%
11.3%
24.7%
13.7%
29.4%
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Leverage Ratio
40
GE Citigroup
Philips
Siemens AG Industry2 Market3
Electronics
0.28
−−
1.64
1.32
2.61
1.68
0.2
−−
1.3
0.8
1.8
1.2
0.63
0.40
0.10
0.17
0.20
0.24
Total Debt/Equity
3.94
6.68
0.17
0.53
0.32
0.62
Interest Coverage
2.20
1.44
4.59
113.08
13.54
5.30
Per Share Data ($)
Revenue Per Share
GE Citigroup
Philips
Siemens AG Industry2 Market3
Electronics
16.09
31.39
31.16
123.66
4.04
5.54
−−
−−
−−
−−
−−
−−
Dividends Per Share
1.06
2.06
0.68
1.47
0.38
0.65
Cash Flow Per Share
2.92
(4.36)
0.99
7.05
0.13
0.45
(15.54)
−−
6.74
17.92
1.90
0.58
Long−Term Debt Per Share
26.74
62.83
3.47
18.97
0.52
2.54
Book Value Per Share
11.10
24.68
26.57
41.50
3.07
5.04
Total Assets Per Share
69.41
408.57
44.48
128.82
4.89
10.44
Fully Diluted Earnings Per Share
from Total Operations
Working Capital Per Share
Growth
GE Citigroup
Philips
Siemens AG Industry2 Market3
Electronics
12−Month Revenue Growth
11.5%
23.6%
(1.1%)
21.9%
12.6%
12.6%
12−Month Net Income Growth
21.6%
(15.6%)
109.2%
42.1%
22.8%
15.7%
12−Month EPS Growth
22.6%
(13.2%)
123.2%
41.8%
19.9%
11.4%
12−Month Dividend Growth
12.8%
10.8%
26.1%
13.9%
0.0%
0.0%
36−Month Revenue Growth
20.7%
59.3%
(2.3%)
28.7%
42.9%
38.5%
36−Month Net Income Growth
37.1%
9.9%
714.4%
35.7%
98.7%
48.6%
36−Month EPS Growth
32.2%
14.8%
0.0%
0.0%
91.6%
43.4%
36−Month Dividend Growth
35.9%
37.3%
82.1%
35.1%
0.0%
0.0%
1
Data unavailable.
Data Definitions
41