July 5, 2000: REVIEW OF GARY WELCH LIFE AND ARTICLES
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TA
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Tunica July 4, 2000, Articles on Gary Wendt: Part II
Message 13992318
a) Picture of Gary Wendt
nypostonline.com
b)FORBES Nov 1997 Management Strategies
forbes.com
More recently, Gary Wendt, the leader of GE Capital, was nearly as relentless as a Marine drill instructor.
Over slightly more than five years he developed a new, highly focused culture for this financial services company.
His approach: Establish unambiguous business metrics so that everyone understood success.
Wendt leaves GE Capital
cnnfn.com
Head of $250B General Electric unit agrees to step down immediately
December 8, 1998: 5:54 p.m. ET
NEW YORK (CNNfn) - Gary Wendt agreed Tuesday to step down as chairman and chief executive officer of GE Capital Services, the largest single contributor to General Electric's earnings. Wendt served as chairman of GE Capital for 12 years and is widely credited with turning the company into a financial services giant. He will be succeeded by Dennis Dammerman, chief financial officer of General Electric (GE) for the last 14 years. A GE spokesman said the company had been in discussions with Wendt for the last couple of weeks about his post. "We are looking to put in place an executive team who will continue GE Capital's growth well into the next century," he said. GE Capital offers everything from credit cards and mortgages to corporate financing. It currently has more than $250 billion in assets and accounts for about 40 percent of GE's bottom line earnings. Dammerman has been named vice chairman of the board and chief executive of GE. A close ally of GE chairman Jack Welch Jr., Dammerman also will be chairman and CEO of GE Capital Services, replacing Wendt. Wendt is said to have had a stormy relationship with Welch. In recent years he has opposed cuts to GE Capital's back office that have been backed by Welch. But a company spokesman said that wasn't the reason for Wendt's departure. "The issue is that this is part of GE Capital's transition into the next century," said company spokesman Tony Zehnder. "It's not about personalities, it's about planning for the next century." Marvin Roffman, president of Philadelphia-based investment firm Roffman Miller Associates, however, said Wendt did little to quell the rumors, going so far as to make a "definite negative reference" to Welch and his relationship to him in a speech earlier this year. The rumors erupted again in October, he said, as questions began to fly about the subsidiary's health, based on write-offs around the world. That pushed GE's stock to a recent low of $71.56 that month.
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Tunica July 4, 2000 Articles on Gary Wendt: Part I
Message 13991659
a)Interview with Nightly Business Report
Gersh:
What if the United States does slow down?
If the United States dips over into recession, can GE Capital keep growing at 15 percent a year?
Wendt:
Yes, we'll be able to do that in the tough times.
Gersh: How?
Wendt: Well, because in tough times is when we find opportunities
—more and more opportunities. For instance, in Japan.
People think that's a tough-time economy today. For us, it's the best opportunity we've seen, maybe in history. And those situations exist. So, people that continue to look for new things to do aren't going to have a problem. If you're doing the same thing you always have, and people want less of it, it's obvious you're not going to do so well.
b) Slate:Dec: 97: “GE: Dressed for Succession
slate.msn.com
Gary Wendt's resignation as head of GE Capital points up perhaps the most important thing about GE's success over the years: its careful management of succession.
In 12 years at GE Capital, Wendt transformed that division from a small credit arm with assets of $24 billion into what effectively was one of the world's largest banks,
embracing 29 different businesses and controlling $300 billion in assets.
Wendt's aggressive investing style and managerial style allowed the division to account for 40 percent of GE's overall profits, and provided the kind of internal diversification that almost no large company has anymore.
And yet his departure provoked no crisis among GE investors or within the company.
That's because GE has created a corporate culture where the company really
is larger than the individual. That may seem like an odd thing to say when
GE's public image is so connected to that of its CEO, Jack Welch, who's often
heralded as the man who saved the corporation. But while Welch did transform GE
in the 1980s, cutting jobs while dramatically improving productivity, he did so not to
"save" the corporation but rather in anticipation of a newly competitive business world.
When Welch took over GE, the company was in fine shape. His predecessor had
actually just been named CEO of the Year in a Gallup Poll (who knew they took
Gallup polls about topics like that), and had spent seven years planning for his own succession.
In this context, the clearest signal Wendt's departure sends is that Wendt himself was not a candidate for the CEO's job, which is unsurprising when you consider that he's already 56 and that he and Welch are not the best of friends.
And while it may seem strange for a company to have one of its best performers
step down while he's still doing great work,
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July 4, 2000: Jack Hartmann
“ Huge insider buying occurred since Oct99.
Must be 40+ buys when CNC was at $17-20.”
Message 13991638
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FORTUNE 6/29/00 :Conseco shares up on installation of new CEO Wendt
Message 13991626
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Softechie:CNC ***** Trading Summary 07/03/00 *****
Message 13990369
“ Don’t stand in front of a moving train ”
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July 3 2000, Mike Carrozzo
Message 13989425
Trying to catch a falling angel- CNC,
“ Some of these can be good investments like IBM, AAPL,
and TYC, which all have recovered nicely since their lows.”
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July 3, 2000: Old Info on Green Tree Financial ( Renamed
Conseco Finance Corp . )
Message 13988763
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Reuters 7/1/2000
Message 13983126
Analysts describe Wendt as a brilliant, hard-driving strategist with a
sometimes cantankerous personality,
who
will give Conseco a much-needed shot of GE's famously focused,
results-oriented culture.
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7/1/2000:REUTERS: Conseco names Gary Wendt as chairman, CEO
Message 13983085
"There's a challenge here, there are some things to be done, and I accept that challenge," said Wendt in a telephone conference call.
Wendt said he was familiar with Conseco -- which specialises in supplemental life and health insurance and also offers annuities and mutual funds --
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7/1/00: CNC Power Spike
Message 13982862
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6/30/00: Dow Jones article on Wendt’s nomination to CONSECO CEO :
Message 13991639
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The Seattle Times , Dec. 5, 1997 Executive's wife awarded half of all assets ,
Message 13991659
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Tunica July 4/ 2000
Lorna J. Wendt v. Gary C. Wendt complete divorce proceedings
ct-divorce.com
Part I
Message 13993735
Part II
Message 13993743
Part III
Message 13993748
Part IV
Message 13993751
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Tunica
7/4/2000 Business Week June 1997: Cover Story on GE: JACK WELCH'S ENCORE
businessweek.com
Message 13993761 |
