Everyday News Update

GE’s board was kept in the dark about Immelt’s use of a shadow jet, which he says he didn’t know about: WSJ – CNBC

<!– –>



Published 2 Hours Ago

The use of a spare business jet by former General Electric CEO Jeff Immelt was kept from board members until just this month, The Wall Street Journal reported on Sunday — a practice that reportedly drew internal scrutiny several years ago and that Immelt himself claims he didn’t know about.

The Journal reported that the company had curbed the backup jet’s use in mid-2014, adding that its use was in fact limited to isolated locations that involved potentially risky travel. However, he board members were previously unaware, several sources told the WSJ.

The situation came to light earlier this month, after The Journal reported that Immelt, who was at the helm of GE for nearly 20 years before being stepping down recently, sometimes utilized a backup plane to follow his regular corporate jet on several trips around the world.

However, sources familiar with the matter told CNBC a couple of weeks ago that version was an exaggeration of Immelt’s travel practices.

These people told CNBC it was not a regular practice to fly, or even keep on standby, multiple planes at the same time. The sources said a second plane was kept on standby on the ground in certain locations while Immelt was visiting for security purposes, or in case his GE-owned plane had mechanical issues.

Last week, Immelt told The Journal that he was unaware of the backup jet’s use. “This is not a practice I would have allowed,” he said in an emailed statement to the publication.

Representatives for GE did not immediately respond to CNBC’s request for comment.

–CNBC’s Morgan Brennan and Michael Sheetz contributed to this article.

The Journal’s full story can be found on its website.

Quantcast



GE’s board was kept in the dark about Immelt’s use of a shadow jet, which he says he didn’t know about: WSJ – CNBC

Leave a Reply

Featured Links

    Search Archive

    Search by Date
    Search by Category
    Search with Google
    @2012 Designed By Quick News Update