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GE chief looks to future
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December 8, 1998: 7:29 p.m. ET
Jack Welch says plan is in place for his successor; company to hold onto NBC
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NEW YORK (CNNfn) - General Electric Co. Chairman Jack Welch Tuesday said the company has a clear list of candidates to replace him when he retires in the year 2000.
Earlier Tuesday, GE named Dennis Dammerman, senior vice president and chief financial officer, to succeed Gary Wendt as the head of GE Capital, fueling speculation that Dammerman may be in line to take over for Welch.
In a wide-ranging interview on the Moneyline News Hour with Lou Dobbs, Welch would not specify who will succeed him. However, he indicated Dammerman could be on GE's short list.
"We've got a clearcut list of folks the board and I are talking about all the time," he said. "We made some moves a year and a half ago to put some more key people in position. This [Dammerman's succession of Wendt] is another move along the road."
NBC still in the mix
Separately, Welch said GE has no plans to shed its NBC broadcast television network. In recent months, media watchers have speculated GE may want to sell its NBC stake in response to sharply higher programming costs.
Welch, while acknowledging the network's profits will be down this year, said GE has no current plans to dump NBC. [437K WAV] or [437K AIFF]
"Our job with NBC is to enhance its value, and we continue to work like hell finding the right way to do it," he said.
GE (GE) shares closed 3/8 lower at 90-7/16.
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General Electric
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