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Former GE CEO Jeff Immelt: In a crisis, leaders have to hold 'two truths'

In a new interview with Yahoo Finance's Julie Hyman, former GE CEO Jeff Immelt discussed the qualities leaders need to have while navigating a crisis such as the pandemic.

Video transcript

JULIE HYMAN: Well, let's bring it into present day then, Jeff, and talk about the crisis that has unfolded over the last 18 months, the pandemic crisis, of course, that has challenged so many companies. And I wonder, given your experience, have you looked across the landscape and seen particular leaders that you think have navigated this period of time especially well? And what do you think have been the hallmarks of strong leadership during this time?

JEFF IMMELT: Yeah, look, I think, Julie, good leaders have to absorb and they have to absorb fear. And the important thing when I look at some of the old colleagues that I knew in the airline industry or oil and gas industry, they took a punch right in the nose. But the best leaders kind of kept focus on the future, they communicate with their team. And they've been able to navigate from one side to the other fairly well.

I also think that in a crisis, you have to hold two truths. You have to know that things can always get worse. And at the same time, you have to have a vision that there is going to be a future that you need to invest in. And I would say to a certain extent, as we face COVID, people might have pulled back too much in the context of capacity and investment. And as a result, some industries weren't ready for the economy as it turned back on.

So I think those are the two things. So, absorbing fear and holding two truths that I have to think that leaders have to navigate over this crisis. In terms of-- you know, look, again, it's an out of favor sector, but some of my old business colleagues from the oil and gas sector, oil was negative $30 a barrel a year ago. And now, it's at highs again. And having gone through that kind of volatility, I think some of them have done a really good job.