Delivering across markets during a year of historic change

March 03, 2022 | 12:05
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On March 3, GE released its annual report for 2021. It was a year of historic change, as CEO Lawrence Culp said in his letter to the shareholders.
Delivering across markets during a year of historic change
CEO Lawrence Culp describes 2021 as a year of historic change

Across our markets, we continued to deliver to our customers. We invested in new technologies and innovations, further embedded the lean mindset across our operations, and brought decision-making closer to the customer.

Our employees, who continue to demonstrate tremendous resilience, ensured we served our stakeholders even in the face of the pandemic and supply chain disruptions.

Most significantly last year, we announced our plans to transform GE by forming three independent, investment-grade industry leaders in aviation, healthcare, and energy. This means that in our markets around the world, they will be better positioned to serve customers, respond to distinct industry and country dynamics, and build deep domain expertise in their respective industries.

In 2021, we continued to embed lean into the culture of the company, registering sustainable, impactful improvements in safety, quality, delivery, and cost – prioritising safety above all.

With constant, incremental changes we eliminated waste through simpler, more efficient processes, resulting in more value to our customers. This customer-centric mindset translates into improved on-time delivery, faster turnaround times, greater value, and lower costs.

At the same time, we continued to strengthen our position at the forefront of three sectors critical to building a sustainable world: the future of flight, precision health, and the energy transition.

Delivering across markets during a year of historic change

In aviation, we are working with partners to ensure that sustainable aviation fuel (SAF) will be able to play a major role in the industry’s 2050 carbon-neutral goals. In 2021, we signed an agreement with Etihad Airways to support their efforts to reduce CO2 emissions, including a collaboration on a SAF flight demonstration.

Delivering across markets during a year of historic change

In healthcare, we are committed to precision health, which seeks to deliver integrated, efficient, and highly personalised care. We acquired BK Medical, an advanced surgical visualisation company.

We also launched Vscan Air, a handheld wireless device that beams images from the ultrasound probe to an app on a smartphone. The Vscan family is supporting care in all types of settings, including in many of our global markets’ rural communities, where the device is supporting prenatal care.

Delivering across markets during a year of historic change

In energy, where our equipment helps generate one-third of the world’s electricity, we are supporting the energy transition today. In 2021, we signed agreements in Australia and China to provide gas turbines for hydrogen-blended natural gas-fueled power plants. We also announced an initiative in the United Arab Emirates to support the nation's decarbonisation goals, including through hydrogen-blended fuels and carbon capture.

Fittingly, today also marks the release of GE’s annual diversity report. Without our people, we would not be in the position we are today. Our teams are our most important priority, and we know that diverse teams make a positive impact on our business.

GE is truly a global company. The report shows that we have employees hailing from 169 countries – 68 per cent of whom are based outside the US.

This is also the first year GE has also released pay equity data, with the stated goal of achieving full pay equity in each of our businesses.

The report shows that based on 2021 salary data, on average, men and women performing similar work are paid within 1 per cent of each other in each GE business. Creating a global culture of inclusion, where contributions of people of all backgrounds can thrive, continues to be a focus for our leadership.

Building on this momentum and bolstered by a customer-centric culture that prioritises safety and lean implementation, we are positioned to help create a more connected, healthy, and sustainable future. Across the world, we are working with partners and communities to continue building a world that works.

*Nabil Habayeb, senior vice president at GE, and president and CEO at GE International Markets

By Nabil Habayeb

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