GE Chief Reports No Rebound for Next Year

September 20, 2001 by Jeff Shepard

Jeff Immelt, the new chief of General Electric Co. (Fairfield, CT), stated that he does not expect an economic rebound next year, although earlier he had said that GE would continue to prosper despite that adversity.

Immelt, in his first meeting with securities analysts since succeeding Jack Welch as GE's chief executive, also said the company would continue using cash for stock buybacks and acquisitions.

GE earlier stated that it remains on track to deliver double-digit earnings growth this year, despite the weak economy and the losses its insurance unit faces from last week's attacks.