Jeff Immelt Reshaped GE, but Couldn’t Win Over Wall Street

After Thomas Edison, inventor of the incandescent lamp, started Edison General Electric Co. in 1890, the company quickly rolled out a slew of other products based on the same novel technology—electrification—that would reshape American life for the next century. They would also make investors in the succeeding company, named simply General Electric Co., rich along the way.

If only Jeffrey Immelt, who announced on June 12 that he’s stepping down after 16 years as chief executive officer, could have said the same. He dramatically reshaped the company away from its huge—and volatile—GE Capital financial unit, and on June 8 even put the venerable lightbulb business up for sale. But Immelt failed to win over Wall Street, which sank GE shares about 30 percent during his tenure.