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General Electric Chairman And CEO John Flannery Abruptly Ousted As The Once Iconic Company Struggles
Former GE Chairman and CEO John Flannery (Hemant Mishra/Mint via Getty Images)
General Electric (GE) board removed John Flannery as chairman and CEO on Monday (1 October) and subsequently anointed Lawrence Culp as his successor, Bloomberg has reported.
GE has also announced that it will take a $23 billion non-cash charge for its power business, the details of which will be provided soon. The industrial behemoth said it “will fall short of previously indicated guidance for free cash flow and EPS for 2018”.
GE shares surged 13 per cent as per early trends in New York market trading. The company’s shares have been battered in the last two years. Its shares fell 45 per cent in 2017 and plunged another 35 per cent so far this year.
The repeated tumbling of GE stock since Flannery took office had resulted in the stock being kicked out of the Dow Jones index.
The iconic General Electric company was founded in 1892 by individuals including inventor Thomas Edison and banker JP Morgan.
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