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None of this is to belittle the job of running GE, which is the ninth largest company in the world, with 1999 revenues of $112 billion, as well as one of the most profitable (net income: $10.7 billion) and one of the most valuable (market cap: $500 billion). Certainly, Immelt views himself as the winner, and Nardelli and McNerney probably do too. None would comment for this story. Prestige matters, as do the long-term financial rewards of steering the powerful company. If he can keep momentum, Immelt may be in charge for 20 years and amass hundreds of millions of dollars in pay and stock. Welch himself pocketed $61.8 million in salary, bonuses and exercised stock options in 1999 and held additional options with an estimated value of $436 million.
Nardelli, CEO of GE's Power Systems business in Schenectady, N.Y., and McNerney, who runs GE Aircraft Engines in Evendale, Ohio, will have to create that kind of security elsewhere. Odds are they'll shun start-ups. "These are people well trained to run large, complex, global companies," says SpencerStuart's Neff. "If they were to bolt to a New Economy company, it would be a waste of a national resource."
Recruiters say wealth won't be the top priority for either. "The money will be there," says Gerry Roche, senior chairman of search firm Heidrick & Struggles. "If that were their main concern, they'd be working on Wall Street. Both will look for the opportunity to run and manage a major blue-chip company." Isn't that the phone ringing now?
--With reporting by Mike Eskenazi/New York