Peer Group

Peer groups are used by companies to benchmark executive compensation and performance. Each company identifies its own peer group. Peer groups vary from company to company.

Peer Group

Company Ticker Market Cap
Microsoft Corp. MSFT $1,120b
JPMorgan Chase & Co. JPM $403b
Johnson & Johnson JNJ $345b
Walmart Inc. WMT $343b
Procter & Gamble Co. PG $301b
Exxon Mobil Corp. XOM $296b
Bank of America Corp. BAC $294b
Verizon Communications Inc. VZ $243b
Pfizer Inc. PFE $202b
General Electric Co. GE $88.5b

Companies Who Named General Electric as a Peer

Company Ticker Market Cap
Apple Inc. AAPL $1,140b
Amazon.com Inc. AMZN $880b
JPMorgan Chase & Co. JPM $403b
Johnson & Johnson JNJ $345b
Walmart Inc. WMT $343b
Exxon Mobil Corp. XOM $296b
Bank of America Corp. BAC $294b
UnitedHealth Group Inc. UNH $242b
Pfizer Inc. PFE $202b
General Electric Co. GE $88.5b

 

Peer Flag Comparison

The return to a company’s stock is not the only measure of executive performance. Ethics matter, and growth can quickly reverse and gains evaporate if a company’s accounting and financial reporting processes are not fundamentally sound and trustworthy. How does General Electric's accounting quality compare to its peer group?
GE PEER GROUP FLAGS
Lawsuits
Significant Litigation 9
Class Actions 9
Securities Law 2 7
External Pressures
Shareholder Activism 9
Cybersecurity 4 5
Management Review
CEO Changes 4 4 1
CFO Changes 4 5
Insider Sales 2 3 4
Auditor Assessment
Auditor Experience 9
Auditor Tenure 1 8
Audit Fees 3 6
Non-Audit Fees 9

 

 

Financial Restatements & Revisions
  No Restatements
  1 Revision
A financial restatement or revision is a serious event in the financial life of a company. When previous estimates of revenue, earnings, or equity are significantly lowered, financial restatements can have a dramatic impact on the valuation and projected growth of a company.
Financial restatements are always accompanied by a disclosure that their previous financial reports can no longer be relied upon. A revision is a change to a company’s financials that is not accompanied by such a disclosure.
General Electric has not restated their financials at least since 2014.
General Electric revised their financials for 01/01/2015 - 06/30/2017 on 10/30/2017. The revision had positive effect on their financial condition.

 

A
DISCLOSURE
10/30/2017 via SEC form
10-Q
CATEGORY
Revision
TYPE
Technical
REVISION PERIOD
01/01/2015 - 06/30/2017
IMPACT
Positive
CHANGE IN INCOME
$0
CHANGE IN EQUITY
$0
REGULATORY INVESTIGATION
No
BOARD APPROVAL
Not Disclosed
1ST FILING DATE
10/30/2017
LAST FILING DATE
02/26/2019
UNCERTAINTY PERIOD
10/30/2017
 - 
02/26/2019
KEY ISSUES
  • Cash flow errors
Out of Period Adjustments
An adjustment or “out-of-period adjustment” is a one-time accounting entry that is intended to correct immaterial errors from previous reporting periods. Adjustments have a one-time impact on earnings when they are reported and indicate the existence accounting errors in previous financial reports. Analysts should pay close attention to the nature and magnitude of adjustments. The frequent use of adjustments may signal deeper issues with a company’s accounting and financial reporting.
General Electric made one adjustment to their financials for 10/01/2017 - 12/31/2017 on 02/23/2018. The adjustment had a negative effect on their financial condition.
A
DISCLOSURE
02/23/2018 via SEC form
10-K
TYPE
Technical
ADJUSTMENT PERIOD
10/01/2017 - 12/31/2017
IMPACT
Negative
CHANGE IN INCOME
$0
CHANGE IN EQUITY
$0
REGULATORY INVESTIGATION
No
BOARD APPROVAL
Not Disclosed
Late Filings
Late filings can be significant warning signs. Why didn't the company file its financial report on time? Late filings may signal an impending financial restatement or deeper problems with a company's accounting processes.
General Electric has not filed any late financial statements at least since 2014. All financial statements have been filed on or before the appropriate deadline.
Impairments
An impairment is a permanent reduction in the value of an asset.
General Electric has reported 10 impairments on 6 annual reports since 2014.

 

A
DISCLOSURE
02/26/2019 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$22.6b
IMPAIRMENT
  • 1.Intangible Assets - Goodwill
  • 2.Intangible Assets - Other intangible assets (not goodwill)

 

B
DISCLOSURE
02/23/2018 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$1.32b
IMPAIRMENT
  • 1.Intangible Assets - Goodwill
  • 2.PPE - Property, plant, equipment
  • 3.Accounts/loans receivable and investments - Other-than-temporary impairment

 

C
DISCLOSURE
02/24/2017 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$31m
IMPAIRMENT
  • 1.Accounts/loans receivable and investments - Other-than-temporary impairment

 

D
DISCLOSURE
02/26/2016 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$818m
IMPAIRMENT
  • 1.PPE - Property, plant, equipment
  • 2.Intercompany, investment in subs./affiliate

 

E
DISCLOSURE
02/27/2015 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$391m
IMPAIRMENT
  • 1.Accounts/loans receivable and investments - Other-than-temporary impairment

 

F
DISCLOSURE
02/27/2014 on SEC Form
10-K
IMPACT ON PRETAX INCOME
$798m
IMPAIRMENT
  • 1.Accounts/loans receivable and investments - Other-than-temporary impairment
Changes in Accounting Estimates
Some assets and liabilities require accountants to make assumptions about future performance in order to estimate their value. Occasionally, economic conditions cause these assumptions to be revised, resulting in a change in accounting estimates. A change in accounting estimates can have a significant impact on the bottom line and may be used strategically by management to disguise otherwise weak financial results.
The impact of changes in accounting estimates on pretax income are provided when available. If the impact of changes is measured in terms of net income, it is denoted with an asterisk (*).
General Electric has reported changes in accounting estimates on 15 reports since 2014.

 

A
DISCLOSURE DATE
07/31/2019 on SEC Form
10-Q
IMPACT OF THE CHANGE
-
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

B
DISCLOSURE DATE
04/30/2019 on SEC Form
10-Q
IMPACT OF THE CHANGE
$150m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

C
DISCLOSURE DATE
02/26/2019 on SEC Form
10-K
IMPACT OF THE CHANGE
-
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

D
DISCLOSURE DATE
10/30/2018 on SEC Form
10-Q
IMPACT OF THE CHANGE
$225m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

D
DISCLOSURE DATE
10/30/2018 on SEC Form
10-Q
IMPACT OF THE CHANGE
$225m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

E
DISCLOSURE DATE
07/27/2018 on SEC Form
10-Q
IMPACT OF THE CHANGE
$133m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

F
DISCLOSURE DATE
05/01/2018 on SEC Form
10-Q
IMPACT OF THE CHANGE
$178m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

G
DISCLOSURE DATE
02/23/2018 on SEC Form
10-K
IMPACT OF THE CHANGE
-
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

H
DISCLOSURE DATE
01/16/2018 on SEC Form
8-K
IMPACT OF THE CHANGE
-
DESCRIPTION
  • Liabilities - insurance loss reserve including IBNR

 

I
DISCLOSURE DATE
10/30/2017 on SEC Form
10-Q
IMPACT OF THE CHANGE
$649m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

J
DISCLOSURE DATE
02/24/2017 on SEC Form
10-K
IMPACT OF THE CHANGE
$2.22b
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

K
DISCLOSURE DATE
02/26/2016 on SEC Form
10-K
IMPACT OF THE CHANGE
$1.4b
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

K
DISCLOSURE DATE
02/26/2016 on SEC Form
10-K
IMPACT OF THE CHANGE
-
DESCRIPTION
  • Depreciation, depletion or amortization - change in depreciation or amortization method

 

L
DISCLOSURE DATE
02/27/2015 on SEC Form
10-K
IMPACT OF THE CHANGE
$1b
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion

 

M
DISCLOSURE DATE
02/27/2014 on SEC Form
10-K
IMPACT OF THE CHANGE
$300m
DESCRIPTION
  • Revenue Recognition - contract accounting including percentage-of-completion
Internal and Disclosure Controls
Internal controls are put in place in order to prevent fraud and financial misstatements. A company with ineffective internal controls is said to have a "material weakness." A material weakness is a serious warning sign about a company's accounting quality.
No material weakness. General Electric reported issues in 2015, 2016 and 2018.
Management attests that the disclosure controls are effective as of 09/30/2019.
The auditor and management attest that internal controls of financial reporting are effective as of 12/31/2018.

 

DISCLOSURE DATE
10/30/2018 on SEC Form
10-Q
PERIOD END DATE
09/30/2018
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Change in revenue recognition (ASC 606)

 

DISCLOSURE DATE
07/27/2018 on SEC Form
10-Q
PERIOD END DATE
06/30/2018
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Change in revenue recognition (ASC 606)

 

DISCLOSURE DATE
05/01/2018 on SEC Form
10-Q
PERIOD END DATE
03/31/2018
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Change in revenue recognition (ASC 606)

 

DISCLOSURE DATE
02/24/2017 on SEC Form
10-K
PERIOD END DATE
12/31/2016
AUDITOR ASSESSMENT
Effective internal controls
MANAGEMENT ASSESSMENT
Effective disclosure controls
Effective internal controls
ISSUES CITED
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
11/09/2016 on SEC Form
10-Q/A
PERIOD END DATE
09/30/2016
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
08/01/2016 on SEC Form
10-Q
PERIOD END DATE
06/30/2016
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • IT, software, security & access issues
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
05/04/2016 on SEC Form
10-Q
PERIOD END DATE
03/31/2016
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • IT, software, security & access issues
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
02/26/2016 on SEC Form
10-K
PERIOD END DATE
12/31/2015
AUDITOR ASSESSMENT
Effective internal controls
MANAGEMENT ASSESSMENT
Effective disclosure controls
Effective internal controls
ISSUES CITED
  • IT, software, security & access issues
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
11/02/2015 on SEC Form
10-Q
PERIOD END DATE
09/30/2015
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
07/30/2015 on SEC Form
10-Q
PERIOD END DATE
06/30/2015
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Acquisition/integration exclusion or challenges noted

 

DISCLOSURE DATE
05/04/2015 on SEC Form
10-Q
PERIOD END DATE
03/31/2015
MANAGEMENT ASSESSMENT
Effective disclosure controls
ISSUES CITED
  • Acquisition/integration exclusion or challenges noted
Benford's Law
Benford's Law is used to detect financial manipulation and fraud. When financial statements do not follow Benford's Law, there is reason to suspect problems with the accounting or financial reporting process.
Numbers generated by natural processes conform to Benford’s Law.
All of General Electric's financial statements conform to Benford's Law. General Electric is at low risk for financial manipulation or fraud.
Beneish M-Score
The Beneish M-Score is used to check whether a company has manipulated its financial statements. The M-Score is compared to a threshold to find out what it means. If the M-Score is greater than the threshold, then the company is likely to be a manipulator. However, a high Beneish M-Score is not proof of manipulation.
The Beneish M-Score was above the threshold in 2014. General Electric is at an elevated risk for earnings manipulation.
Accounting Disclosure Complexity
Companies committed to transparency make their reports easier for investors to understand and compare. By contrast, a high degree of Accounting Disclosure Complexity makes it difficult to measure executive performance and the company's financial health. Accounting Disclosure Complexity may also be used to obfuscate serious accounting problems and other issues.
General Electric's highest level of accounting disclosure complexity was in the 10th decile in 2014. General Electric's most recent accounting disclosure complexity was in the 7th decile in 2018.
SEC Letters to Management
  Revenue Recognition
  Non-GAAP Measures
Regulators at the Securities and Exchange Commission (SEC) review each company’s financial reporting. When the SEC has questions about a company’s filing, they will write letters to the company asking for clarification about different accounting issues.
General Electric has had 9 conversations with the SEC since 2014.

 

A
FROM
(unknown) (SEC)
TO
Jamie S. Miller
DISSEMINATION DATE
08/15/2019
LETTERS
3
FIRST LETTER
LAST LETTER
07/18/2019
ISSUES CITED
8-K Disclosure issues
Reportable operating segments disclosure and reconciliation issues
Intangible assets and goodwill valuation or disclosure issues
Issues related to consolidation of affiliates, subsidiaries and related parties
B
FROM
Amanda Ravitz (SEC)
TO
Jamie S. Miller
DISSEMINATION DATE
10/15/2018
LETTERS
5
FIRST LETTER
LAST LETTER
09/14/2018
ISSUES CITED
Revenue recognition issues
8-K Disclosure issues
Commitments, contingencies, and related disclosure issues
Debt, quasi-debt, warrants & equity security issues
Business overview discussion (MD&A)
C
FROM
Amanda Ravitz (SEC)
TO
Jeffrey S Bornstein
DISSEMINATION DATE
09/28/2017
LETTERS
3
FIRST LETTER
LAST LETTER
08/30/2017
ISSUES CITED
Tax expense, benefit, deferral, or other issues
Change in tax rate disclosure issues
D
FROM
Amanda Ravitz (SEC)
TO
Jeffrey S Bornstein
DISSEMINATION DATE
10/31/2016
LETTERS
5
FIRST LETTER
LAST LETTER
09/30/2016
ISSUES CITED
Revenue recognition issues
EPS, ratio and classification of income statement issues
Reportable operating segments disclosure and reconciliation issues
Business overview discussion (MD&A)
Executive compensation plan disclosure issues
E
FROM
Corey Chivers (Weil Gotshal & Manges LLP)
TO
(unknown)
DISSEMINATION DATE
07/20/2016
LETTERS
3
FIRST LETTER
LAST LETTER
06/16/2016
ISSUES CITED
Tandy letter provided or sought
Clarification of selling shareholders sought
Clarification of selling shareholders sought
Request to accelerate or expedite registration
F
FROM
Amanda Ravitz (SEC)
TO
Christoph A Pereira
DISSEMINATION DATE
03/02/2016
LETTERS
3
FIRST LETTER
LAST LETTER
01/13/2016
ISSUES CITED
Tandy letter provided or sought
Questions about disclosures of tax consequences of the offering
SEC-requested tax opinion about a statement made in financial reporting
Change in shareholder rights risk factors
Financial reporting issues related to a lack of comprehensive and clear disclosure
G
FROM
Daniel F Duchovny (SEC)
TO
Jaclyn Cohen
DISSEMINATION DATE
12/21/2015
LETTERS
2
FIRST LETTER
LAST LETTER
11/03/2015
ISSUES CITED
Various Issues
H
FROM
Amanda Ravitz (SEC)
TO
Jeffrey S Bornstein
DISSEMINATION DATE
10/14/2015
LETTERS
5
FIRST LETTER
LAST LETTER
09/15/2015
ISSUES CITED
8-K Disclosure issues
Asset sales, disposals, divestitures, reorganization issues
Questions about fair value measurement and estimates
Foreign affiliate or subsidiary issues
Investments and cash and cash equivalents issues
I
FROM
Brian R. Cascio (SEC)
TO
Jeffrey S Bornstein
DISSEMINATION DATE
07/18/2014
LETTERS
3
FIRST LETTER
LAST LETTER
06/19/2014
ISSUES CITED
Allowances for bad debts, control over cash, and related accounts receivables issues
Tax expense, benefit, deferral, or other issues
Change in tax rate disclosure issues
Significant Litigation
  11 Class Actions
  5 Securities Lawsuits
Is the company involved in any lawsuits? This part of the Report summarizes recent and ongoing litigation that may have a significant impact on your investment.
General Electric was named in 39 significant lawsuits. The most recent lawsuit is "USA v. Korshunov" that began on 08/21/2019 and ended on 09/11/2019.
Name Type Start Date End Date Claim
USA v. Korshunov Other 08/21/2019 09/11/2019 undisclosed
USA v. Zheng et al Other Statutory Actions 04/18/2019 pending undisclosed
Touchstone Strategic Trust et al v. General Electric Company et al Securities Law 02/27/2019 pending undisclosed
Birnbaum v. General Electric Company et al Class Action, Securities Law, Accounting Malpractice 02/01/2019 pending undisclosed
Varga v. General Electric Company et al Class Action, ERISA & Employee Benefits Litigation 12/14/2018 pending undisclosed
Revitalizing Auto Communities Environmental Response Trust et al v. National Grid USA et al Environmental Law 10/26/2018 pending undisclosed
International Engineering & Construction SA et al v. Baker Hughes et al Other Contract, Motion to Compel 10/09/2018 08/14/2019 undisclosed
Occidental Chemical Corporation v. 21st Century Fox America Inc et al Environmental Law 06/29/2018 pending undisclosed
Salazar v. General Electric Company et al Securities Law, Class Action 01/18/2018 01/30/2018 undisclosed
Sjunde Ap-Fonden and The Cleveland Bakers and Teamsters Pension Fund individually and on behalf of all others similarly situated v. General Electric Company et al Class Action, Securities Law 11/01/2017 pending undisclosed
In RE GE ERISA Litigation ERISA & Employee Benefits Litigation, Class Action 10/30/2017 pending $10m
Atchley et al v. Astrazeneca UK Limited et al Personal Injury 10/17/2017 pending undisclosed
Booth Family Trust v. Baker Hughes Incorporated et al Class Action, Securities Law, Mergers & Acquisitions, Non-GAAP 05/10/2017 11/06/2017 undisclosed
Saniteq LLC v. GE Infrastructure Sensing Inc Trademark Law 02/10/2017 09/17/2018 $500m
ResCap Liquidating Trust v. WMC Mortgage LLC Other Contract 01/23/2017 10/13/2017 $75k
Rapid Completions LLC v. Baker Hughes Incorporated et al Patent Law 04/05/2016 11/20/2018 undisclosed
Audet et al v. Devlar Energy Marketing LLC et al Class Action, Personal Injury 02/23/2016 04/26/2016 undisclosed
United States of America et al v. General Electric Company Environmental Law 12/02/2015 settled $2.25m
TransData Inc v. General Electric Company et al Patent Law 09/11/2015 01/04/2016 undisclosed
Audet et al v. Devlar Energy Marketing LLC et al Class Action, Personal Injury 08/14/2015 02/22/2016 undisclosed
Rapid Completions LLC v. Baker Hughes Incorporated et al Patent Law 07/31/2015 11/20/2018 undisclosed
United States of America v. AB Electrolux et al Antitrust & Trade Regulation, Mergers & Acquisitions 07/01/2015 01/13/2016 undisclosed
Williams v. Baker Hughes Oilfield Operations Inc Class Action, Fair Labor Standards Act, Collective Action 04/30/2015 02/15/2018 $75k
Sabet v. 3M et al Other Civil Rights 01/05/2015 01/15/2015 undisclosed
Almont Ambulatory Surgery Center LLC et al v. UnitedHealth Group Inc et al ERISA & Employee Benefits Litigation 03/20/2014 05/13/2016 undisclosed
General Electric Company v. USA Tax 02/14/2014 02/06/2017 $658m
Secure Axcess LLC v. US Bank National Assocation et al Patent Law 09/27/2013 11/10/2014 undisclosed
TMI Trust Company v. WMC Mortgage LLC et al Other Contract 10/26/2012 pending undisclosed
The Bank of New York Mellon v. WMC Mortgage LLC et al Other Contract 09/30/2012 10/23/2015 undisclosed
Deutsche Bank National Trust Company v. WMC Mortgage LLC et al Other Contract 06/25/2012 10/16/2017 undisclosed
WMC Mortgage LLC v. US Bank National Association Other Contract 06/08/2012 09/29/2016 undisclosed
In Re Tribune Company Fraudulent Conveyance Litigation Multi District Litigation (MDL), Other Statutory Actions 12/20/2011 pending undisclosed
Norman IP Holdings LLC v. Lexmark International Inc et al Patent Law 09/15/2011 07/31/2014 undisclosed
Consolidation Coal Company v. 3M Company et al Environmental Law 09/15/2008 03/23/2017 $50m
In Re Municipal Derivatives Antitrust Litigation Class Action, Antitrust & Trade Regulation, Multi District Litigation (MDL) 06/18/2008 05/23/2018 undisclosed
Flashpoint Technology Inc v. Aiptek Inc et al Patent Law 03/07/2008 12/04/2015 undisclosed
In re Katz Interactive Call Processing Patent Litigation Patent Law, Multi District Litigation (MDL) 03/30/2007 12/23/2014 undisclosed
Digwamaje et al v. IBM Corporation et al Class Action, Personal Injury 08/02/2002 08/28/2014 undisclosed
In Re Hanford Nuclear Reservation Litigation Environmental Law 02/06/1991 04/12/2017 undisclosed
Shareholder Activism
A large shareholder may use his ownership stake to influence management and affect the strategy and direction of the company. While some activist shareholders contribute to oversight and may push for better financial performance or even a change in leadership, they may also pursue social, political, or environmental goals that can adversely affect a company’s operations and profitability. Note that shareholders reported here may no longer be current shareholders if they have sold their shares.
There are no activist shareholder reported for General Electric.
Cybersecurity
Cybersecurity is an area of increasing concern for many companies. A breach of confidential personal or financial data brings bad press, customer backlash and loss of goodwill, and substantial exposure to class actions. The SEC issued guidance in 2018 indicating cybersecurity risks should be treated like all other economic and business risks in regard to internal controls, financial reporting, and public disclosures.
General Electric made 2 disclosures related to cybersecurity and data breaches. The most recent disclosure was on 10/31/2016.
Disclosure Date Date of breach Description Source
10/31/2016 - Cybersecurity issues noted in comment letters. SEC Letters
10/31/2016 - Cybersecurity issues noted in comment letters. SEC Letters
Insider Sales
What are the CEO and CFO doing? Do they have confidence in the company, or are they unloading their shares? A large sale of stock is a big warning sign and may indicate a lack of confidence in the future prospects of the company. These two officers know more about the company than you do, and if they think it is a good time to sell, maybe you should too.
There are significant insider sales from the company’s officers.
Here are the significant insider sales for the CEO:
Here are the significant insider sales for the CFO:
Here are the significant insider sales for General Electric:
Date Owner Title Shares sold Value Holdings % Sold
03/16/2017 IMMELT JEFFREY R Chairman and CEO 279,786 $8.29m 2,507,597 10.0%
Management Turnover
Investors should always pay attention to CEO and CFO changes. These two officers are responsible for a company's performance and financial reporting. Why did they depart? There are many possible answers to this question, not all of them good.
 Reported CEO Changes
  Lawrence H. Culp Jr.   CEO / Chairman of Board
Appointed effective: 09/30/2018 (
8-K
on 10/04/2018)

Position Change within Company
  John L. Flannery   Chairman of Board / CEO
Resigned effective: 09/30/2018 (
8-K
on 10/04/2018)
  John L. Flannery   CEO / Director
Appointed effective: 08/01/2017 (
8-K
on 06/12/2017)

Position Change within Company
  Jeffrey R. Immelt   CEO
Retired effective: 07/31/2017 (
8-K
on 06/12/2017)
 Reported CFO Changes
  Jamie S. Miller   Senior VP / CFO
Resigned (
8-K
on 07/31/2019)
  Jamie S. Miller   CFO
Appointed effective: 11/01/2017 (
8-K
on 10/10/2017)

Position Change within Company
  Jeffrey S. Bornstein   CFO
Resigned effective: 11/01/2017 (
8-K
on 10/10/2017)
Auditor Experience
How much experience does the auditor have in this industry? This graph shows the average number of audits of the largest auditors in this industry in the last five years (based on our population). The current auditor is marked with an arrow.
Current auditor is KPMG LLP.
Auditors with relatively little industry experience may be more likely to make mistakes. Auditors that do more audits tend to have greater industry expertise.
Auditor Tenure
How long have they had the same auditor? This graph shows a histogram of the number of companies in the industry (from our population) and the corresponding auditor tenure. Current auditor tenure for General Electric is marked with an arrow.
KPMG LLP has been General Electric's auditor for the last 110 years.
Mistakes may be more common in the early years of an auditor's tenure as they gain knowledge of a company's accounting policies and processes. On the other hand, there is some concern that a lengthy tenure may make auditors too "cozy" with the company and reluctant to report on issues or problems.
Audit Fees
Audit fees are fees paid to the auditor for the audit and services related to the audit. This graph compares recent audit fees to the rest of the industry based on audit fee to revenue ratios (or audit fees to asset ratios for financial companies).
MOST RECENT AUDIT FEES
$133m    -6.16%
AUDIT FEES TO REVENUE RATIO
0.11%
General Electric's audit fees decreased by -6.16% from last year. General Electric's most recent audit fees are relatively high.
High audit fees create incentives that undermine auditor independence. On the other hand, low audit fees may result in a lower quality audit.
Non-Audit Fees
Non-audit fees are fees paid to the auditor for the services unrelated to the audit.
MOST RECENT NON-AUDIT FEES
$800k    -52.94%
NON-AUDIT FEES TO AUDIT FEES RATIO
0.60%
General Electric's most recent non-audit fees are in the normal range.
Relatively high non-audit fees create incentives that undermine the auditor's objectivity and are often used as a proxy measure of auditor independence.