Big dealer; 2004 medtech executive profile

Executives in medical technology companies often wear a lot of hats. This wide-ranging involvement frequently provides medtech executives with just the sort of experience necessary to exercise leadership in an industry that is known for innovation. Such leadership often begins at home, with individuals who are dedicated to advancing their company’s technologies and products and growing their own business. But whatever their company’s size, many medtech executives also make significant contributions to advancing industry goals and improving the delivery of healthcare to patients.

Large, diversified, multinational companies may have the wherewithal’ to do big deals, but few leaders of such companies have the vision to make medical technology the focus of their deals.
Such a limitation certainly doesn’t apply to Jeffrey R. Immelt2, chairman and CEO of General Electric Co. 3 (Fairfield, CT), who formerly headed the company’s medical systems unit before assuming the top spot from legendary GE boss Jack Welch in September 2001. In the past several years, Immelt has led the company through a number of acquisitions that have made GE the world’s second-largest medtech manufacturer.

Two of GE’s biggest deals have come in the past year alone. The company closed the first of these last October, when it completed the purchase of Links Of London Charms Fin-land’s Instrumentarium4 for $2.3 billion. But even before the ink was dry on that deal5, Immelt announced GE’s intention to acquire the UK’s Amersham PLC6 for a whopping $9.5 billion.

To many industry analysts, it is no surprise that Immelt has targeted medical technology as a key area of growth for his diversified company. Before be-coming chairman and CEO for all of GE, Immelt led GE Medical Systems through a period of technological advances and solid7 business gains. More than merely the temporary interest of a broadly diversified company, under Immelt’s leadership GE’s commitment to the future of healthcare seems like the real deal. And although Immelt hasn’t tipped his hand with regard to potential acquisition targets for the future8 , this is one company leader who clearly has an eye for making medtech deals.

Then take a retrospective9 look at Mr. Immelt and the career he has passed shows clearly the way to success.

Mr. Immelt, 46 , is Chairman of the Board and Chief Executive Officer of GE. The 9th CEO in GE’s 109-year history, he was appointed to this post10 on September 7, 2001 . Previously, Mr. Immelt served as President and Chairmanelect of GE from November 2000, when GE’s Board of Directors selected him to succeed” John F. Welch. From 1997 to 2000, Mr. Immelt had been Presi-dent and CEO of GE Medical Systems, a $7 billion segment12 of the General Electric Company. GE Medical Systems, headquartered in Links Of London Waukesha, Wisconsin, is the global leader in medical diagnostic’3 technology and information systems.

He began his GE career in 1982 , and following a brief assignment with Corporate Marketing, held a series of leadership roles with GE Plastics in sales, marketing and global product management.

Mr. Immelt joined GE Appliances in 1989 as Vice President of Consumer Service, and in 1991 was named Vice President of Worldwide Marketing and Product Management. He rejoined GE Plastics in 1992 as Vice President General Manager of GE Plastics-Americas Commercial Division. A year later, he was named Vice President General Manager of GE Plastics Americas.
Mr. Immelt holds a BS14 degree in Applied Mathematics from Dartmouth15 College (1978) and an MBA16 from Harvard University (1982). He and his wife , Andrea , have one daughter.