Sep 24, 2001 : GE's CEO Not Interested in AT&T

📅 September 24, 2001 - General Electric Co. (ge.com) chief executive Jeff Immelton Friday said he would use his company's cash to buy back stock andconsider pursuing acquisitions, but that he was not interested in AT&TCorp.'s (att.com) broadband business.

"I would never bid on AT&T broadband," Immelt said in his first meeting withthe financial community since he replaced Jack Welch as CEO, reports Associated Press. "I don't want to be a wire puller or a satellite launcher," he said.
AT&T has discussed options for its cable operation with several companiesafter rival Comcast Corp. (comcast.com) made an unsolicited stock bid for the unit. Immelt said there are possible acquisition opportunities in the health care and power industries, potentially expanding GE's medical and electric businesses. He told analysts and investors that he would not rule out divesting some operations, but declined further comment.
Immelt said he was not currently interested in selling the appliancesbusiness, saying it is a valuable training ground and helps build brandrecognition. He added, however, that he was unlikely to attempt to buildthat segment through acquisitions. "I don't have a need to sell," Immeltsaid. "But I'm not going to buy."

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