How does the author calculate 30% decline in share price? When Immelt took over the stock price was over US$60 it is now under $30 that's a 50% decline without considering 16 years of inflation or the performance of the DOW which is the benchmark for GE stock (not the S&P 500). In addition, the dividend is only 33% of what it was then. 
It is no good blaming the financial crisis or the recession, all other members of the DOW index managed through the same problems.
GE should take the opportunity to separate the executive management from the Board of Directors. Having the CEO as Chairman of the Board is a serious conflict of interest when the main purpose of the Board is to represent the shareholders and provide governance of the executive management.
Let's hope this great company can get back on track. The stock is probably a good buy for long term investors.