Jack Who?

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It takes an enormous ego to want to run an outfit like GE, and while Immelt has plenty, he manages to keep it in check. Whether reviewing a potential multi- billion-dollar acquisition or relaxing with his family at their vacation home in South Carolina, Immelt seems able to laugh at himself. He likes to get to the 19th hole first so he can heckle his golfing buddies from the clubhouse, and apparently can't get enough of lowbrow comedy flicks like Caddyshack and Tommy Boy.

"I know how serious the job is," he says, lest anyone think he's too laid back. "Still, I've always found humor a great way to keep things in context." That might be hard to do, of course, in his new position. But shareholders hope that 20 years from now, Immelt, like Welch, will still be laughing.

--With Reporting by Julie Rawe/New York