Can GE Still Manage?

A couple of Fridays each month, Jeffrey R. Immelt hosts a sleepover. The chairman and CEO of General Electric (GE) invites one of the 185 officers of his company—and only one—to his home in New Canaan, Conn., for a leisurely meal. After a few drinks, some laughs, a plate of pasta, and a wide-ranging discussion of what's going on in the world, the two executives part. Immelt, 54, stays home while his guest heads to lodging at GE headquarters in nearby Fairfield. When they reconvene the next morning, things get personal. "We spend Saturday morning just talking about their careers," says Immelt. "Who they are, how they fit, how I see their strengths and weaknesses—stuff like that." One recent guest, Steve Bolze, president and CEO of GE Power & Water, calls it "a really nice discussion, a chance to get to know each other better."

What does it say about Immelt that after almost a decade in the top job he's looking for ways to bond with his team? "The personal connection is something I may have taken for granted before that I don't want to ever take for granted again," he says. "Sometimes there's a tendency to say, 'Well, this is an officer of the company. They've been here 20 years. They can figure it out. Do they really need me to draw them a diagram?' But you need to make the time."