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The Spectator
Trustee Corner: John Rice '78
by Nick Stagliano '11Production Editor
November 06, 2009
You wouldn't think that there would be a lot of similarities between Hamilton College and the General Electric Company (GE), named the single largest company in the world in 2009 by Forbes magazine, but for John Rice '78, Vice Chairman of GE and President and Chief Executive of GE Infrastructure, there are some important and obvious commonalities. The late Sid Wertimer, professor of economics at Hamilton for 52 years, taught Rice the importance of learning. More than 30 years later, it's a philosophy that Rice still carries with him: "GE is a learning company. I've been with the company for 31 years and I'm still learning. Hamilton is a place that puts a value on learning, and it never stops – it keeps going after you get your diploma."
After graduating with a degree in economics, Rice traveled around Europe for two months and then started working at GE in August of 1978. He liked the idea that with GE he could get involved in a reputable company and figure out what exactly he wanted to do with himself. He has been with the company ever since.
Rice started off in the entry-level Financial Management Program (FMP) and moved through different finance and operations positions. He is now responsible for, among others, GE's health care, aviation and energy businesses, which are comprised of $45 billion in annual revenue and 110,000 employees active in 120 countries. He describes his work, and GE as a whole, as a team sport: "It's never about one person. It's always about the team of people who are working together to maximize benefits for the shareholders and customers." Eighty percent of Rice's job is traveling to between 25 and 30 countries every year to advise fellow GE employees in allocating resources and making strategic decisions.
In addition to his frequent foreign travel, Rice also manages to return to the Hill a few times each year for meetings of the Board of Trustees. He is currently a charter trustee and has served on the board since 1999. Rice believes that his use of professional experience to benefit the College is typical of Hamilton's trustees. The trustees, he says, are busy people who "aren't bored and looking for things to do." Yet, they "are in Clinton as often as they can be to do whatever they can do to make the College better, and to help this generation of students and future generations of students succeed." Rice believes in the importance of the board to help the administrative team run the College, similarly to structure at a corporation such as GE.
"It's the College's leadership team that manages the day to day affairs of the school, but it's important for the board to be available for advice and counsel. And it's the same at GE. Jeff [Immelt P'10, Chairman and CEO of GE] and the team run the business and the board is there to give us advice."
Rice continues to be impressed by Hamilton's ability to attract applicants that make the classes better and better each year: "I'm not sure what would happen if I applied to Hamilton today. I'm not sure I'd want the answer. And I'm happy about that. I want to have a tough time getting in. It means the College is moving forward." He attributes this to the quality of the Hamilton education, which has earned the College a distinguished reputation. "It's very important for Hamilton not to rest on its laurels. Today's students are more discriminating and there's more competition, so we need to have the things that students are looking for. As a board, we have to adjust and make sure that we're investing in the right departments and the right physical facilities so that when prospective students look at Hamilton and other liberal arts schools, they choose Hamilton."
As far as advice for current students, Rice reiterates the importance of learning beyond formal education. He also mentions the importance of having a good set of core values, as well as working hard, taking a few risks and managing one's own life and career. "At Hamilton, you have an advisor, but the courses you take and how hard you choose to apply yourself is really up to you. You determine what you're going to get out of a Hamilton education. I think that in a lot of respects your professional career, regardless of what you do, is up to you. You pick the career, and it's up to you to make the most of it."