Once America’s most venerable industrial company, GE has been a disaster. Former CEO Jeff Immelt oversaw the firm’s fall from grace, and his replacement, John Flannery, has been even worse for shareholders. GE shares are down 54% over the last twelve months. The board has finally woken up to the mess and fired Flannery. Larry Culp will become the new CEO. Culp had success as CEO of Danaher, and he is not a life-long GE insider. Ed Crooks reports at FT:
Mr Culp said in a statement: ““GE remains a fundamentally strong company with great businesses and tremendous talent. It is a privilege to be asked to lead this iconic company.
“We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency. We remain committed to strengthening the balance sheet including deleveraging.”
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