"Executing a new global strategy requires simpler organizations. Complex and centralized bureaucracies are obsolete. Change requires new business models … leaner, faster, more decentralized. The days of cycling global ideas through a central headquarters is over. Globalization requires pushing capability to local teams who are empowered to take risks without second guessing... A good global leader has an appreciation for how people do their work in a local culture. They try to make a team‘s work meaningful to their country. This allows us to hire the best talent in every country where we compete" - GE Chairman & CEO Jeffrey R. Immelt commencement address to graduates of NYU’s Stern School of Business on May 20 2016.