General Electric’s (GE) F-110 turbofan engine used in an F-16 aircraft. None of these factors should be taken lightly when looking at its prospects. It operates in several massive industrial segments, including power, renewable energy, oil & gas, aviation, healthcare, transportation, and lighting. All eyes are on GE's newly minted CEO, H. Lawrence Culp Jr., who assumed the position in October 2018. GE was born out of the race to provide affordable light and electricity to fuel the growth of industrial America and quickly became a household name. These aspects represent the stakeholder groups considered in GE’s corporate citizenship efforts.
It is a large institution.The market impact from the Coronavirus, however, has thrown a wrench in the company's profitability and possibly its future. Markets have tumbled and almost every company has taken a beating.
With their ability to adapt to the ever changing environment around them as lead the company’s success and drive over the years. For instance, the interests of employees, customers, communities, and the natural environment are significant to GE’s sustainability programs. Today, GE is best known for its work in the Power, Renewable Energy, Aviation and Healthcare industries. To do this, GE's directors have adopted corporate governance principles aimed at ensuring that the Board is independent and fully informed on the key strategic and risk issues GE faces. GE's stock had been steadily climbing in late 2019 and early 2020, reaching $13.16 in February 2020, before the global market downturn due to the Coronavirus.Flannery, who had vowed to trim GE’s business segments, was replaced after almost a year of serving in the position as mounting losses continued to pressure the company. In stakeholder management, General Electric’s corporate social responsibility strategy succeeds by focusing on the most pressing current issues in relevant industries and markets.General Electric has a three-pronged strategy to fulfill its corporate social responsibilities. The company's loss was $2.2 billion in the second quarter, compared with a loss of $61 million in the year-ago period. Their company motto “imagination at work” says it all. General Electric Internal/External Factors For over one hundred thirty years General Electric has helped shape this country to the comforts known today. In managing its corporate social responsibility strategy, General Electric implements programs and initiatives in relation to global business goals.
In this case of GE, the CSR strategy prioritizes certain stakeholder groups, based on the conglomerate’s strategic direction and leadership in its industries of operation.
The company’s market cap, which stood at $262 billion at the time, has fallen significantly to $107 billion.2019 was a good year for GE and saw positive news compared to the previous years in which it was struggling.
For example, employees’ interests are addressed under the social aspect of the CSR strategy. Revenues tumbled 24 percent to $17.8 billion. The company has sustainability initiatives for these industries. Visitors trend 2W 10W 9M. By the end of 2019, the stock was up approximately 50% for the year.When most Americans think “GE,” they probably think about light bulbs, televisions, and washing machines. The outcome of the virus's negative impact on GE remains to be seen.As of February 2020, shares have fallen a whopping 59% since January 2017, when the company announced it would cut 12,000 jobs. This is the latest in a series of measures that GE has undertaken in order to boost its financials.Despite doing an admirable job in turning GE around, Culp has been hit like everyone else from the financial disaster that the Coronavirus has caused.
The primary role of GE's Board of Directors is to oversee how management serves the interests of shareowners and other stakeholders.
For more than 125 years, GE has invented the future of industry. General Electric Company groups its stakeholders and related corporate responsibilities as follows: General Electric Company (GE) satisfies the interests of stakeholders through a corporate social responsibility (CSR) strategy that capitalizes on business competitive advantages for the benefit of communities and individuals, shareholders, employees and customers, and the environment. In Archie B. Carroll’s theory, a firm’s corporate responsibility strategy must respond to the demands of stakeholders, who are individuals or groups that significantly influence and are affected by the business.
In December 2018, the company cut dividends to as low as they could go, to 1 cent a share.In the 1960s and 70s, GE was a pioneer in laser light technology and medical imaging.The 2008 financial crisis hit GE hard.
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