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They are at time.com/newsletters and are separate from a paid subscription. ## Video: GE CEO Jeff Immelt Speaks at Siena College Commencement 2015 [Watch (HLS stream): GE CEO Jeff Immelt Speaks at Siena College Commencement 2015](https://cdn.jwplayer.com/manifests/ULaZMxmp.m3u8) (20:16)  _Published 2015-05-19. GE CEO Jeff Immelt Speaks at Siena College Commencement 2015_ --- Jul 27, 2023 6:16 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [David Brooks Speaks at Dartmouth College Commencement 2015](/video/js8WeAUP/) ### David Brooks Speaks at Dartmouth College Commencement 2015 [Arianna Huffington Speaks at Vassar College Commencement 2015](/video/MyFUef7a/) ### Arianna Huffington Speaks at Vassar College Commencement 2015 [Gwen Ifill Speaks at Utica College Commencement 2015](/video/chODf8Os/) ### Gwen Ifill Speaks at Utica College Commencement 2015 --- ## Transcript President Coggin, it is with great pleasure that I present Mr. Jeffrey Immelt, Chairman and Chief Executive Officer of the General Electric company, one of the most influential and innovative organizations in the world, for the honorary degree Doctor of Humanities. In recognition of his lifetime of achievement, leadership and service in the public, private and non profit sectors of our society. [ APPLAUSE ] By the authority invested in me by the State of New York Regents and the Board of Trustees at SIENA College, I hereby confer upon Jeffrey Immelt The degree of doctor of humanities with all of the rights, privileges, honors, and responsibilities pertaining there to, and declare him a son of Siena College forever. In token thereof, I ask the chair of our faculty to invest him with the insignia of that degree and ask Mr. Howard Foot to present the diploma. [ NOISE ] [ APPLAUSE ] Morning. Doctor [ UNKNOWN ] thank you for that great introduction and brother I thank you as well. I'm so honored. And to the families and friends Who are here today, welcome. And to the class of 2015, congratulations. And let me wish all of the mothers here today again, a happy Mother's Day. I extend a special welcome, as well, to Bishop Hubbard and Howard Foote, Chairman of the Board, and all the trustees, and board of advisors in attendance. It's great to be here at Siena We share a special connection. You could say that GE and Siena grew up together. GE was founded in Schenectady in 1992, and today we employ about 7, 000 people here in the capital region. And we're proud to have hundreds of Siena grads who've made careers at GE. So it means a lot to receive an honorary degree from you, and to share this with my colleagues who, who take such great pride in being Siena alums. Of all the speeches I give during the year, there are none more enjoyable than standing before 800 young adults at the start of their lives. But I recognize that the feeling's not always mutual. I know you are probably thinking out there that you could have had a rock star or a Senator standing before you today. You probably wish you went to Wake Forest they got Steven Colbert or to Emory I know that's were Kenneth Cole is speaking. Or even the University of Houston they are hearing from Matthew Mcconaughey Well, I speak " truthiness" when I say that I'm not as funny as Colbert. You can see I'm not as well dressed as Kenneth Cole. And not even my wife prefers me to Matthew McConaughey. But, did you draw the short straw at graduation speakers? I think not. Some of you may be in the market for a diesel locomotive, I can hook you up wholesale. I also happen to be the landlord on some pretty choice real estate over in Schenectady. I know where wind turbines make great air conditioners for your new studio apartment in Manhattan, and if that still doesn't impress you, this is my final offer. I could actually give you a job. [ LAUGH ] [ APPLAUSE ] The applause you hear is actually from your parents. [ LAUGH ] Now, I should be grateful you've given me a degree That really I just didn't earn. I just showed up this morning and I'm already Dr. Emelt. You spent four years here and shelled out a fortune and you have to listen to me. And after hitting up Yik Yak this morning, I realized my biggest mistake may have just been showing up today. You guys really know how to count down the last 40 days of college. [ LAUGH ] Talk about some great party themes that your parents and I weren't invited to. Jurassic Park, Derby Day, Three Ring Circus, and one theme I definitely won't mention in front of your parents You're welcome. [ LAUGH ] But if I can give you just one piece of advice for further celebrations, don't underestimate the importance of lifeguards. Especially when you leave here today and plan your first official bootleg hot tub party as a certified adult. In a pickup truck, no less. That sounds like an impressive engineering project. So now that all the parents are downloading Yik Yak, let me get down to the rest of my remarks. [ LAUGH ] Although I lack your qualifications, I can share some thoughts on the world we live in. This is a world where the only certainty is unpredictability and change. I'm a math major and I have an MBA. I joined GE 33 years ago. For the first 20 years, we were at a time in America when life was placid. Unemployment was low, gas prices were predictable, and people were pretty happy. I thought I had it all figured out when I became CEO. I was four days into leading one of the world's largest companies And I watched as you did the tragedy of 9- 11. When planes with our engines hit buildings we insured, covered by a television network we own. And in the era that followed, we watched a bubble, economy collapse, the rise of China, the world go to war, the arrival of a great recession. Triggered by a global financial meltdown, a [ UNKNOWN ] recover, an energy crisis, and an energy boom. At the same time we saw the quick and powerful rise of the sharing economy, the march and progression of human rights, and an unprecedented emphasis on responsiblity and sustainability. For most of your life, this is the world you've known. A world of continuous and unpredictable change. And given the interconnected nature of our global economy, the speed of innovation and the reality of geopolitical uncertainty, volatility is the new norm. The good news is that no generation is better prepared for it than you. Yours is an inherently resilient generation. The opportunity for you is to not simply exist in this world of disruption. It's your time to lead. It's my part to share with you what I've learned by leaving a 300, 000 person company doing business in 175 countries during some of the most volatile times in business history. This is not a lecture, in many ways living life makes you more humble. I'm more comfortable today with not having all the answers, rather these are a few reminders to help you when the path is uncertain. First, have a sense of purpose. In a volatile world, if you don't know where you're going you will go nowhere. The fact is you can't predict the future. Whether your goal should be to capitalize on each cycle. At GE we have a purpose. We move, we power, we build, we cheer the world. We've invested in good times and bad, in technology and business leadership. This has paid off for our company. Over the last decade, our aviation business has gone through two difficult cycles, the 9 / 11 tragedy, and the financial crisis. But each we kept investing in new technology. We never wavered. And we stand today as the global leader in aviation. This is the reward for a sense of purpose. Down the road in Niskayuna sits our global research center. This is the oldest industrial lab in the world. There's no institution still like it in the US. It's the home of 2, 000 researchers and scientists who shape the future for GE and in many ways the world. It would be easy to cut investment in the future but our purpose is innovation so we keep investing. Know what you stand for. In good times and bad. If you get shaken by each cycle, if you run when times get tough, if you want someone else to tell you what to think you will get destroyed by events. Pick your own path and have a purpose. Second, learn to drive change. To succeed in a world that's continuously changing, you must be able and willing to adapt. But you can't adapt without a constant hunger to learn. I'll give you an interesting connection of my career. I joined [ UNKNOWN ] in 1982, 80 % of our company was inside the United States. I became CEO in 2001 70 % of our sales were in the United States. By next year, 70 % of GE's revenues will be outside the United States. My generation has had to learn the world. And as a company, we've changed. Nowhere is that more true than growing our business in Africa. Today we have $ 6 billion of revenue there. Most of this has come in the last decade. We've made massive investments in people and capability. And we're solving some of Africa's most difficult problems. From rural electricity to rural healthcare in remote regions. If we just sat in the United States and read the papers or watched TV, we wouldn't have seized this growth. In fact, it's fashionable today. To live in fear of globalization, but I always wanted to learn things from the ground level, be hands- on, and form my own opinions. Similarly, a Siena grad, John Lizzie is leading her efforts in the emerging science of robotics. This technology will revolutionize her productivity in the future, but to lead you have to learn and change, and John is in the front Your Siena education, especially your liberal arts education, has prepared you to do this in ways you have yet to appreciate. It'll give you the foundation and the confidence to be a life long learner and a problem solver the world and the workplace demand. One of the best problem solvers I've worked with in my career is a Siena grad, Gary Sheffer. Gary's been my lead communicator and strategist for the last decade. His critical thinking, curiosity and attention to people are at the output of a great liberal arts education. And based on my work with Gary, I know that Siena has prepared you to learn and drive change. Number three, take risks. Be willing to bet it all in search of your passion. Don't fear defeat, but taking risks takes equal parts, innovation and determination. Today we're innovating at the very foundation of our company. We plan to take this great, old, industrial powerhouse and make it equally good in software. To do this we'll invest billions, hire new people and build different capability. Then we'll deliver productive analytic solutions for our customers. GE is a software company. Who would have thought this was our future? But we're determined to lead, and leadership takes innovation. In the world today, the only risk is not taking risk. The big risk taker also requires determination. Your generation more than any other has grown up in the digital era. You can get news on a 24- 7 basis. Heck, you do something stupid on spring break and there's a video of it on YouTube before you get home. The problem with the virtual world Is that it's virtual. The problems with the American health care system are real. These problems can't be solved by an avatar, and I know that in my lifetime we can treat major diseases more effectively. I also know we can do this at a lower cost. In your lifetime we can greatly reduce the deadly impact of breast cancer, or maybe cure it completely. Breast cancer is diagnosed in 200, 000 American women each year, and millions outside of the United States. However there are rapid technical advancements in screening, diagnosis, and treatment. And through our focus on early health, we can spot disease earlier and treat it more effectively. This will cut healthcare costs while improving outcomes. But it takes determination to make things like this happen. So, be willing to bet on yourself. Take risks. Be courageous enough to innovate, and match it with real determination. And I'm always turned on by passionate people who wanna live their dreams. Forth remember that there's much to be gained. By seeing others succeed. This is consistent with Siena's commitment to service. More than 350 Siena graduates work at GE today. I asked them before I came here what they appreciated and remembered most about their time at Siena. It struck me that the most common response was the people. Who they'd met here at Siena. A friar who helped a student grieve the death of a roommate, a professor whose belief in a student helped them achieve what they never believed was possible. It sounds simple to say, but as much as the world changes what doesn't change is that work is ultimately about people. Today we need teamwork more than ever. However, it doesn't fit, always, the national mood. Rather we see unrest in many parts of the United States, and our national debate centers around income and equality. But don't forget, leadership is about getting diverse people to work together. Down the road Is something that is very rare, it almost doesn't exist anywhere. It's a 100 year old American factory that still has massive opportunities. We have thousands of manufacturing workers in Schenectady. Could you imagine how many generations of technology and competitive campaigns and leadership initiatives have travelled through those halls? This plant was established to serve the US, yet 90 % of its output today is exported. And we're developing modern wind and gas turbines, and building them using state of the art tools. Our manufacturing team is world class, and yes, they're let by a Siena grad, Jeff Connolly. We haven't survived more than a hundred years because we're perfect leaders or because we're always nice to each other or always agree. We've been tough minded about investment and performance. We've endured because we've always told each other the truth about competitiveness. We've invested in uncertain times and played together to win for the long term. For business to succeed, we must recognize that teamwork is important. The trust of our customers is not earned, and the passion of our people is no longer ignited, by simply making financial numbers. Our work is elevated by operating with purpose to deliver what the world needs. It's about applying our expertise to put veterans to work. To reviving manufacturing in the United States. To bring water and light to Africa. To support our scientists and researchers tutoring high school kids in Schenectady. To form partnerships around early breast cancer detection in Saudi Arabia. What business needs, and what the world needs are men and women with the passion and the drive to serve. And so lastly, stay humble and optimistic. In solving problems, I learned a long time ago that no job is beneath me. In 1989, I was leading our appliance service business. We had a catastrophic failure of our refrigerators, and were required to replace three million compressors. Despite my lofty title, I learned how to fix compressors. I would go out into people's homes, to fix compressors so that I understood the problem. There's no better way to be humble, than for a math major to sit on someone's kitchen floor while the ice cream melts. I didn't have to do that, but I can't tell you how much I learned by doing so. But don't let humility turn you into a cynic. It's easy, but it's not impactful to be a cynic today. Critics may produce words, but they don't create value. And in the end, optimists will show the way forward. In a world where the challenges are complex and the stakes are high, We need people who truly believe that the best days are ahead of them. That starts at the very basic level, with the attitude you bring to your job as a financial assistant on Capitol Hill, or a teacher in urban Atlanta, or as a financial analyst on Wall Street. I'm not here today because I've had a perfect career. Rather my life has been about self- reflection, self- renewal, learning from failure. and a powerful optimism that I know I can get better. And you know what? I've been criticized by the best of them but nothing, and I've learned from my failures but none have shaken my curiosity. My desire to take risks, or my will to try again. And I've learned over my lifetime, to change. Bt I've never lost sight of the type of person I want to be. So I'll give you three words that can capture an optimistic framework for yourself. The first is authenticity. Know how to connect with people from different backgrounds. Give them a piece of yourself Second, transparency. It's no longer enough to tell the truth, you must be open in spirit and conduct. And lastly, unity. The divisiveness of our recent past must end. People want to unite behind a mission. So the world craves optimistic leaders. There's a choice you must make early in life. This sticks with you forever. That is to live a life of optimism, vs a cynical world filled with blame. We need you to be a positive source for change. It was hard work that got me where I am today, but the very foundation of it was my college education. And every time I go back to my alma matter, no matter how old I am, I think of my parents. It was their sacrifice and vision for education that got me to college. So before you leave here today, you might wanna tell your parents thanks. And this afternoon, you'll go from here into a world that'll be both amazing and heartbreaking, exhilarating and tedious. And, yes, unpredictable and ever changing. It's how you respond to that world How you embrace the volatility, how you take what you've learned here to rise above and leave, that'll determine how far you go. Have a purpose. If you know where you're going, you can never be shaken. Learn and drive change, your education empowers you to think your way through every problem. Take risks, bet on yourself With innovation and determination, value team success, work on things that are bigger than yourself and bring people with you and stay humble and optimistic, learn from failure but leave with hope. I was sad at my graduation, maybe a little hungover as well. I was apprehensive about the future And worried I would miss my friends. But I'm here to tell you, there's some amazing days ahead. So, class of 2015, go forth and serve. Thank you very much. I'm honored. 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