GE’s 2015 Annual Meeting of Shareowners was held Wednesday, April 22, in Oklahoma City, the location of GE’s newest Global Research facility. Speaking to the audience of shareowners in his opening remarks, Chairman and CEO Jeff Immelt said, “We have positioned GE to compete as a high-tech infrastructure and information company. We stand uniquely at the intersection of the physical and analytical worlds.”
During the meeting, Immelt explained how GE is delivering for shareowners. “We are executing for you. In 2014, we grew Industrial EPS by 10% and in the first quarter of 2015, we grew by 14%. We continue to deliver solid organic growth and margin expansion. We finished the year with cash flow of over $15 billion, while returning $11 billion to you in dividends and buyback. Meanwhile, we continue to invest $15 billion each year in new products, new factories, new systems and new companies.”
The event highlighted the construction of GE’s Oil & Gas Research Center in Oklahoma City. Immelt spoke about the Oil & Gas industry: While the environment for oil and gas companies has become tougher in the short term, this won’t stop GE from thriving. We will navigate this period the same way we have taken advantage of past cycles throughout our history, through our strength as a diversified company and by investing in technology at the right moments.
He also commented on the recent announcement that GE would seek to sell most of its GE Capital assets, saying that the plan should “allow us to deliver $90 billion for investors in dividends and buyback over the next few years.”
He also discussed the value of the GE Store and the strength of GE’s horizontal capabilities, a key point for shareowners as the company’s portfolio transformation begins to take shape.
“We are a different company and a deeply interconnected one. A company in motion; a company well-positioned to seize this moment, and lead as we always have,” Immelt said.