Personal Information
Name: Jeff Immelt
Date of Birth: February 19, 1956
Current Position: Venture Partner, New Enterprise Associates (NEA)
Location: Menlo Park, USA
Education: BA in Applied Mathematics from Dartmouth College, MBA from Harvard University
Professional Experience
Current Role at NEA
Jeff Immelt joined New Enterprise Associates (NEA) in 2018 as a Venture Partner. He is working with innovative growth companies in sectors such as healthcare, industrial automation, clean tech, and IoT (Internet of Things). Jeff's investment strategy aligns with NEA’s founder-first philosophy, focusing on supporting companies with well-formed ideas and significant growth potential.
Previous Experience
- General Electric (GE): Jeff served as the Chairman and CEO from 2001 to 2017, leading the company through substantial global expansion and strategic realignment. He revamped GE's strategy, footprint, workforce, and culture, significantly influencing GE's adaptation to modern industrial needs.
- During his tenure, Jeff navigated GE through significant mergers and acquisitions such as acquiring Amersham PLC for $9.5 billion and Alstom's power business for €12.4 billion.
- He facilitated GE's largest divestments, which included selling GE's plastics business for $11.6 billion and NBC Universal for $8 billion.
Board Memberships and Advisory Roles
- NeueHealth: Director
- Built Robotics: Advisor
- Tuya Smart: Board of Directors member
- Former: Board member and executive chairman at athenahealth
Financial Performance and Strategic Influence
Under Jeff's leadership, while GE experienced varied successes, the company's shares fell by 30% compared to a 134% rise in the S&P 500 during the same period. Despite financial challenges, his strategic decisions in acquisitions and divestments were notable for restructuring GE.
Personal Approach and Philosophy
Jeff Immelt emphasizes the importance of big ideas in driving successful companies. His approach to investment and management involves:
- Assessing the quality and potential of business ideas.
- Providing targeted support to fill specific gaps within a company.
- Building strong, diverse teams with complementary skill sets, described as builders, operators, and integrators.
- Focusing on diversity and alignment with NEA’s culture.
Noteworthy Statements
- "When hiring or selecting board members, envision them on their worst day. It's crucial to understand their behavior during tough times."
- On joining NEA: “I aligned closely with NEA’s founder-first philosophy. I aim to be a helper using my experience to guide founders and CEOs.”
Personal Interests
Outside of his professional life, Jeff enjoys reading, playing golf, and has recently embraced his role as a grandfather.
Recognition and Awards
- Earl Hamilton Varsity Award at Dartmouth College
- Robert Fletcher Award from Dartmouth's Thayer School of Engineering
- Barron's 'World's Best CEOs' (three times named)
- Financial Times' 'Man of the Year' (2003)
- Time magazine's 100 most influential people (2009)
- Oslo Business for Peace Award (2009)
- Edison Achievement Award (2017)
Summary of Investments and Companies
Jeff’s current portfolio includes investments in leading-edge companies across various industries such as:
- Arkestro (Predictive Procurement Orchestration)
- Automation Anywhere (Robotic Process Automation)
- Cleo (Family Support System for working parents)
- Collective Health (Healthcare Coverage through technology)
- Formlabs (3D Printing Systems)
- MasterClass (Online Education Platform)
Conclusion
As a Venture Partner at NEA, Jeff Immelt brings extensive executive experience, significant strategic acumen, and a strong commitment to fostering innovation and supporting company growth. His comprehensive background in managing extensive business operations, combined with his current focus on early and growth-stage investments, positions him as a valuable resource for companies aiming for substantial impact and growth.
