Citing sources familiar with the matter, the WSJ reports General Electric (NYSE:GE) executives as not notifying the board about the practice of trailing the former CEO with a spare jet anytime he traveled. Like Captain Renault in Casablanca, the board members were shocked to learn of the practice. "Obviously, this was an excess," one tells the WSJ. For his part, Immelt tells the paper he too was unaware of the spare plane, and wouldn't have allowed it had he known. Previously: GE likely to report "kitchen sink" Q3 - and that's not good - analyst says (Sept. 5)

Source: Wall Street Journal October 29, 2017 13:37 UTC