(TIME) -- It would have been natural for Jeffrey Immelt to reflexively embrace the strategies of his predecessor, storied über-CEO Jack Welch, who built GE into one of the world's most profitable companies. But Immelt, 48, quickly went his own way, imposing new long-term strategies. When scandal erupted over Welch's perk-laden send-off, Immelt responded by taking a lead role in corporate reform. For starters, he put more independent directors on the board and got rid of stock options as part of his pay. "We know we are studied," he says. "We feel we have a responsibility. A good reputation is very important." --By Daniel Kadlec

FULL NAME
Jeffrey R. Immelt

BORN
February 19, 1956, Cincinnati, Ohio

EDUCATION
Bachelor's degree in applied mathematics from Dartmouth College, 1978; master's degree in business administration from Harvard Business School, 1982

CAREER
Immelt has spent 22 years with General Electric. When GE's board of directors selected him as Welch's replacement in November 2000, Immelt was president and CEO of GE Medical System, which he had led since 1997. He has also held a series of leadership roles in GE's plastics and appliance businesses. He became an officer of GE in 1989, and joined the GE Capital Board in 1997. After graduating from Dartmouth, Immelt worked for Procter & Gamble in Cincinnati (where he shared an office with Microsoft's CEO Steve Ballmer). He serves on the board of Catalyst, a non-profit dedicated to advancing women in business, and Robin Hood, a non-profit addressing poverty in New York City.

AWARDS
Fortune Magazine Most Powerful People in Business, 2004; Financial Times Man of the Year, 2003; Time Global Business Influential, 2001.