Lights Out: Pride, Delusion, and the Fall of General Electric by Thomas Gryta and Ted Mann provides an in-depth analysis of General Electric's (GE) decline from its status as an industrial powerhouse to its struggles in recent years. The authors, both seasoned journalists, explore the internal culture, leadership decisions, and strategic missteps that led to GE's dramatic downturn.

The book delves into the leadership styles of key CEOs, notably Jack Welch and his successor, Jeff Immelt. It examines how Welch's aggressive cost-cutting and profit-driven strategies, while initially successful, may have sown the seeds for future challenges. Under Immelt, the company faced difficulties in adapting to changing market dynamics and technological disruptions, leading to financial turmoil and a loss of investor confidence.

Gryta and Mann also discuss GE's overreliance on its financial services division, GE Capital, and how this focus contributed to the company's vulnerabilities during the 2008 financial crisis. The authors highlight failed acquisitions, such as the purchase of Alstom's power business, and the company's struggles with financial transparency and regulatory compliance.

Lights Out serves as a cautionary tale about the dangers of unchecked corporate ambition and the importance of adaptable leadership. It offers valuable insights into the complexities of managing a large multinational corporation and the consequences of strategic missteps.

For those interested in corporate history, leadership, and the factors that can lead to the decline of major companies, Lights Out provides a compelling and detailed narrative.