FAIRFIELD, Conn. (AP) — General Electric is promising to boost its earnings by about 15 percent in each of the next three years and dole out $67 billion to shareholders as CEO Jeffrey Immelt tries to create a "digital industrial" company.
The $67 billion will be paid through quarterly dividends and repurchases of GE's stock through 2018. The Fairfield, Connecticut, company returned $33 billion to shareholders last year.
Immelt made the financial pledge while spelling out his vision for the 138-year-old company in a letter released Monday with GE's annual report.
The wide-ranging letter calls for General Electric Co. to become less bureaucratic and more innovative as Immelt strives to turn it into one of the world's 10 biggest software companies.
As part of its transformation, GE has jettisoned most of its financial services.