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When Jeff Immelt took over as CEO of GE in 2001, he didn't know that he would have a long road ahead filled with crisis after crisis. In this conversation, Immelt shares what he's learned about leading in crisis, how he's taken responsibility for the consequences of his decisions, and why he believes the next generation of founders and CEOs need to be masters of chaos. TIME STAMPS: 00:00 - Jeff's road to GE CEO 06:34 - The incident at the golf course 07:28 - The looming shadow of former GE CEO Jack Welch 12:06 - The reality of the business that Jeff inherited 15:35 - Navigating his first "black swan" event as CEO 17:59 - Dealing with the pressure of being CEO 19:10 - How the fall of Enron transformed GE's business 20:44 - The difficulty of pivoting a behemoth like GE 22:49 - Cultivating a culture of "systems thinkers" 26:37 - Jack Welch's stunning appearance on CNBC 29:33 - Managing his personal life in the face of professional turbulence 32:00 - Reflecting on his legacy at GE 34:45 - Losing $150 billion of market value at GE 38:12 - Owning his mistakes 40:56 - Advice on becoming a master of chaos 42:40 - Advice for himself if he were just starting as CEO 45:32 - What he has planned for his third act 46:26 - What success means to him