Summary of Thomas Gryta & Ted Mann's Lights Out

By IRB Media

Please note: This is a companion version & not the original book. Book Preview:

#1 John Flannery, the man about to take over leadership of the most famous company in America, had come to see GE Power leaders on their home turf. Under the surface, however, GE was in total disarray.

#2 Flannery was the new CEO of GE, and he had to get used to his new position. He had outperformed three rival executives to win the position, and his father had died just twelve days before his promotion.

#3 Flannery knew that his tenure as CEO would last at least a few years. The board had given him some time to assess the company and make decisions on strategy. He wanted to change the company’s tone, and he knew that would mean changing its spin.

#4 Flannery was shocked to find out that GE Power had run out of cash. The company's largest industrial business was stretched thin, and its profits seemed to exist only on paper.

• Language: English
• Publisher: IRB Media
• Release date: Jun 14, 2022
• ISBN: 9798822540668

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

Book preview

Insights from Chapter 1

#1

John Flannery, the man about to take over leadership of the most famous company in America, had come to see GE Power leaders on their home turf. Under the surface, however, GE was in total disarray.

#2

Flannery was the new CEO of GE, and he had to get used to his new position. He had outperformed three rival executives to win the position, and his father had died just twelve days before his promotion.

#3

Flannery knew that his tenure as CEO would last at least a few years. The board had given him some time to assess the company and make decisions on strategy. He wanted to change the company’s tone, and he knew that would mean changing its spin.

#4

Flannery was shocked to find out that GE Power had run out of cash. The company's largest industrial business was stretched thin, and its profits seemed to exist only on paper.

#5

Flannery was shocked to find out that Power had sold service guarantees to many of its customers that extended out for decades. By tweaking its estimate of the future cost of fulfilling those contracts, Power could report boosts to its profit.

Insights from Chapter 2

#1

The logo of General Electric is the Monogram, and it is recognizable all over the world. It has been on many different types of objects that reflect the businesses that it has pioneered, acquired, or briefly dabbled in.

#2

The collapse of GE, a company that taught generations of American businesses how to manage well, raises a major question: just how much of the success of other companies that have chased and emulated GE was real.

#3

The company also taught its peers about the power of public relations, influence-peddling, and mythmaking. The company was as trusted as a government bond, and it paid a reliable dividend that had been cut only once, in the Great Depression.

Insights from Chapter 3

#1

Jack Welch, the most influential CEO of the twentieth century, was born in the Great Depression. He was not interested in an academic career, but he was determined to make a name for himself and make some money.

#2

Welch was the ninth CEO of GE, and he was intent on eliminating bureaucracy to reduce excess costs. He pushed decision-making down to the individual businesses, but he kept a sharp eye on the specifics of each operation.

#3

Welch sold major businesses that had been central to GE’s history, and he moved aggressively into new fields in search of profits. The most famous industrial company in America had become one of its largest and most inscrutable banks.

#4

Welch’s methods were successful, and the company’s stock rose under him right from the beginning. The country’s economic prosperity was a major reason for this success. Some of Welch’s critics see