GE CEO Flannery Ousted After Brief Tenure

John Flannery is seen at the company’s office in New York City

General Electric announced early this morning that its board of directors has voted unanimously to name H. Lawrence Culp Jr. chairman and chief executive officer of the Boston-based company, "effective immediately".

In the press release, Mr. Culp said, "GE remains a fundamentally strong company with great businesses and tremendous talent". In a press release announcing the move, GE also said it would be taking a $23 billion non-cash charge for its power business and will miss profit expectations for 2018. GE also said it will take a non-cash goodwill impairment charge of "substantially all" of GE Power's current goodwill balance of about $23 billion.

Flannery faced a titanic task in redirecting General Electric, which was founded in 1892 in Schenectady, New York.

Flannery's departure underscores the slow pace of his efforts to turn around GE. GE had fallen 35 percent this year through Friday, following a 45 percent decline in 2017. GE is hoping he will continue the process of shedding non-performing assets and deleveraging the company's balance sheet.

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GE doubled down on fossil fuels in 2015 under Immelt with the $10.3-billion purchase of French group Alstom SA's (ALSO.PA) power business.

The company was booted from the Dow Jones Industrial Average this summer and last month, shares tumbled to a nine-year low after revealing that its marquee gas turbine was flawed, an "oxidation issue" forcing the shutdown of a pair of power plants where they were in use. It added employees, dozens of factories and service centers at a time when GE was trying to cut costs.

"We have a lot of work ahead of us to unlock the value of GE". He has already pledged to sell or spin off longtime GE businesses including transportation, health care and lighting while focusing on power equipment, renewable energy and jet engines.

In a statement, Culp called his new position a "privilege" and said that he plans to "move with urgency" to address the company's woes.

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