Jeff Immelt Net Worth $211 million
Jeff Immelt salary $8,100,000
Jeff Immelt Net Worth: How rich is Jeff Immelt? &How much money is Jeff Immelt worth? Time to find out!
Jeff Immelt is an American business executive and his current net worth is $211 million.
Born in Cincinnati, he is the son of Donna Rosemary, a school teacher, and Joseph Francis Immelt, manager at the General Electric Aircraft Engines Division.
He attended Finneytown High school and when in college he used to play football as an offensive tackle.
During his time at Dartmouth College he used to work summers on a Ford assembly line in Cincinnati. Upon graduating he earned an A.B. in Applied Mathematics and Economics and went to work for Procter and Gamble.
Later he went on and attended Harvard from where he earned his M.B.A.
How did Jeff Immelt get famous?
Upon graduating from college, at 26 years old he started to work for General Electric. While there he held a lot of increasingly senior positions in GE’s plastics, appliances, and healthcare businesses.
Few years later he became a GE officer and joined the GE Capital board later in his career. He took on the leadership of GE Healthcare before he became its CEO.
Meanwhile, he competed with Jack Welch for the CEO position which he won, after Welch asked Gary Wendy to resign on the theory that he would overshadow Welch’s other candidates.
But he surpassed others and became the CEO after the GE Board selected him to succeed Welch. Immelt served as GE’s President and Chairman-elect for ten months before taking the position of Chairman and CEO of the company.
How does Jeff Immelt make money?
As of August 1 he resigned from General Electric, but before that he took over the now famous company just four days before the terrorist attacks of September 11, 2001. Since then the company faced a 30% decline in its stock price, worth $150 billion in market value.
His net worth is estimated to get much bigger once he left the company with him set to make nearly $211 million, on top of the salary and bonuses he accumulated in his more than 35 years there.
GE allows executives to receive most of their stock and stock option grants in full after their retirement.
Because of that rule, he would take home more than $39 million when he retires from the company stocks, on top of the nearly $82 million in pension benefits to which he has the right.
To that add more than $75 million in GE stock that he owns and will now be able to sell as he wants, plus other retirement benefits and pay GE still owns him. According to Fortune magazine, the total amount of money he received after retiring is estimated at $211 million.
Unlike one of his predecessor received, he may also receive continued lifetime access to company facilities and services.
On top of his $3.8 million salary and $4.3 million bonus in 2016, Immelt received nearly $1.2 million in miscellaneous compensation, including $257,639 for his use of GE’s private jet.
Apart from his work with GE he has received significant honors throughout his career, including the title of one of the World’s Best CEOs, three times.