GE 2009 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2009 GE annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

Dear Fellow Owners,
Time magazine called this era “The Decade From
Hell,” and “when you are going through hell,”
Winston Churchill advised, “keep going.”
We suffered one of the worst global economic
downturns in history. The banking system
teetered on the abyss. The financial sector suffered
losses that will exceed $3 trillion. Unemployment
surpassed 10% in the United States and rose even
higher in many parts of the world. Asset prices
across key segments plummeted. People lost faith
in the principles of free markets and their power
to create wealth and opportunities.
Yet, in 2008 – 09, a period many considered the most difficult economic crisis since the
Great Depression, GE earned about $30 billion and generated $36 billion of cash. And we
finished this period much stronger than we started.
The world has been reset. Today’s uncertainty feels like the “new normal.” We will not
return to the relative tranquility of the pre-crisis world. Growth will be harder to come by,
trends will be more volatile and constituent voices will be louder. We see this environment
as an opportunity to renew GE.
Last year, we predicted that calamity would reset the global economy. Now we can
elaborate on what this reset world means for GE and our shareowners.
PICTURED LEFT TO RIGHT (*seated)
Jeffrey R. Immelt
Chairman of the Board
& Chief Executive Officer
Michael A. Neal*
Vice Chairman, GE and Chairman
& Chief Executive Officer,
GE Capital Services, Inc.
Keith S. Sherin
Vice Chairman, GE and
Chief Financial Officer
John G. Rice*
Vice Chairman, GE and President
& Chief Executive Officer,
Technology Infrastructure
John Krenicki, Jr.
Vice Chairman, GE and President
& Chief Executive Officer,
Energy Infrastructure