GE Abruptly Fires CEO John Flannery, Appoints Lawrence Culp as Chief Executive

02 October, 2018, 02:03 | Author: Mary Valdez
  • GE CEO John Flannery

General Electric removed John Flannery as CEO and named Larry Culp as the new CEO of the company. In a statement on Monday, GE lauded Culp's tenure at Danaher and said that he "executed a disciplined capital allocation approach, including a series of strategic acquisitions and dispositions", among other activities. GE will need to take a goodwill impairment charge of almost all the $23 billion in its goodwill balance, according to the company.

The company said Monday that H. Lawrence Culp Jr. will take over as chairman and CEO immediately.

Horton said he's looking forward to revitalizing GE as a company with growth and long-term success. On behalf of the board, I thank John for his significant contributions and long service to GE. As a result, the Boston-based company now expects to miss its free cash flow and earnings forecasts for 2018. "I am excited to get to work".

General Electric Chief Executive Officer John Flannery presents the company's new strategy and financial targets to investors at a meeting in NY, U.S., November 13, 2017.

GE, however, has not seen such gains, particularly when it comes to its power business which was hit by problems with its latest generation of gas turbines and posted a $10 billion loss previous year. Culp previously served as CEO of Danaher Corp. from 2000 to 2014. the company also appointed Thomas Horton, who was American Airlines (AAL) CEO from 2011 to 2013, as lead director.

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"Given the amount of portfolio change at the company and the prospect for further shifts in light of this news, one drawback is that shareholders do not know exactly what they will be owning in a year or two, but this factor has not stopped investors from trusting in portfolio changes at DHR and FTV".

GE has continued to struggle, including with a recent issue with problems with turbines in its important power unit.

"We remain committed to strengthening the balance sheet".

However, as Flannery has restructured the multinational conglomerate, its value has dipped below $100 billion and shares are down more than 35 percent this year, following a 45 percent decline in 2017.

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