• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Farnam Street Logo

Farnam Street

Mastering the best of what other people have already figured out

  • Newsletter
  • Books
  • Podcast
  • Articles
  • Log In
  • Become a Member
TweetEmailLinkedInPrint

The Knowledge Project Podcast

Jeff Immelt – Leadership In A Crisis [The Knowledge Project Ep. #116]

Former General Electric CEO Jeff Immelt reflects on his two decades with the company and the strategies he used to lead during three crises. In this episode, Immelt discusses what happened during those events and why, what it was like to replace icon Jack Welch, getting the information you need to make decisions, activist investors, fighting complexity, the mismatched timelines between CEOs and shareholders, unions, and so much more.

Now available on: YouTube | Apple Podcasts | Spotify | Transcript

Immelt served as the Chairman and CEO of GE from 2001-17, and is the author of the 2021 memoir Hot Seat: What I Learned Leading a Great American Company.

Here are a few highlights from the conversation:

Knowing what to do isn’t that hard, knowing how to do it isn’t that hard. Knowing when to do it is really hard.

I’ve always been comfortable being myself. I never wanted to be him. And in some ways, I never felt burdened by all that he stood for and all that he did. Earlier, probably in the mid-’90s, I almost got fired and what that teaches you is you really don’t need that person. When you go through a process of almost getting fired, you kind of say to yourself, “Okay, he’s great. I admire him, but I can live without him because he can live without me.” And so that was a good thing to go through.

Good leaders absorb fear in a crisis, so they absorb all the things that are going on. But they don’t point fingers and they don’t point blame. They just soak it all in. They’re able to keep a flexible point of view and what I call two truths, which is that great things can happen, terrible things can happen, and you need to kind of keep your mind open to both those things at the same time.

I find in a room there are four types of people. One is people that always are on point and always make good points and are always self-aware. The second is people that just talk too much and are always blathering and don’t make a lot of sense, and it’s tough to filter through. The third is people that know the right answer, but don’t speak. And then you have the people that know that they’re right, they know you’re smarter than you, and they just silently sit there and smolder. The fourth kind is the ones that always say, “I told you so,” after the fact, and the other three, just learn to live with it.

You start having good pattern recognition around which voices break out, which ones you trust. There’s nothing that makes a team crazier than repetitive analysis with no action. I’d say, particularly today in times of crisis: people, if you’re waiting for the perfect moment, it’s not going to come. We’re not asking people to solve every problem simultaneously, but let’s solve the most important one with a real priority.

And so much more. It’s time to listen and learn.

Transcript

Get transcripts, early access, ad-free episodes, and so much more. Learn more or sign up now.

Already a member? Head over to the Members Only area to access transcripts and other Member Only content.

Become a Member

More Episodes

[Outliers] Les Schwab: Why Real Ownership Outperforms Experience, Capital, and Credentials [The Knowledge Project Ep. #237]

Charlie Munger once asked me: ‘How can someone give away fifty percent of profits and make billions more than if he’d kept it …

Listen Now[Outliers] Les Schwab: Why Real Ownership Outperforms Experience, Capital, and Credentials [The Knowledge Project Ep. #237]

Harley Finkelstein: You Must Requalify for Your Role—Every Year [The Knowledge Project Ep. #236]

What does it mean to live – and lead – with intention?  This week, I sit down with my friend and Shopify President Harley …

Listen NowHarley Finkelstein: You Must Requalify for Your Role—Every Year [The Knowledge Project Ep. #236]

[Outliers] Jimmy Pattison: Building a $16B Empire Without Connections, Capital, or Credentials [The Knowledge Project Ep. #235]

At 96 years old, Jimmy Pattison still runs his $16 billion empire personally. He’s built it over 63 years without outside capital or a …

Listen Now[Outliers] Jimmy Pattison: Building a $16B Empire Without Connections, Capital, or Credentials [The Knowledge Project Ep. #235]
The Knowledget Product podcast cover

The Knowledge Project

A podcast about mastering the best of what other people have already figured out. The Knowledge Project focuses on insights and lessons that never expire. You’ll walk away from every episode with actionable insights that help you get better results and live a more meaningful life.

Listen now onApple Podcasts
More Options
  • Spotify
  • Overcast
  • g id="Pocket-Casts-Roundel---Red">Pocket Casts
  • RSS

Never miss an episode

A podcast about mastering the best of what other people have already figured out.

Farnam Street Logo

© 2025 Farnam Street Media Inc. All Rights Reserved.
Proudly powered by WordPress. Hosted by Pressable. See our Privacy Policy.

  • About
  • Sponsorship
  • Speaking
  • Support

We’re Syrus Partners.
We buy amazing businesses.


Farnam Street participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising commissions by linking to Amazon.