GE shares soar after CEO John Flannery ousted; Larry Culp takes helm

02 October, 2018, 02:06 | Author: Sheri Evans
  • Former General Electric chairman and CEO John Flannery

The company said it would miss its 2018 profit forecast because of "weaker performance" in its power business.

The company, a bellwether for manufacturing, also announced a $23bn impairment charge against the value of its power division.

General Electric shares had declined almost 56 percent since Flannery took over as CEO with a mandate to cut costs and refocus the company on its profitable segments.

General Electric CEO John Flannery is seen at the company's office in New York City, U.S., June 26, 2018.

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General Electric head John Flannery is out after just more than a year at the top of the company.

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.

GE, founded in 1892, has lost more than $500 billion in market value since 2000, the year former longtime GE CEO Jack Welch announced his retirement, according to Bloomberg.

Flannery will be replaced by H. Lawrence (Larry) Culp, Jr., who had the unanimous support of the board, the company said on Monday.

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In hiring Mr. Culp, 55 years old, GE brought in a leader who ran what some investors saw as a model industrial conglomerate.

Flannery replaced Welch successor Immelt, himself pushed out earlier than expected last summer after nearly 16 years at the top. The company said it would take a non-cash charge related to that division. That will leave it focused on areas such as jet engines, power plants and renewable energy.

Larry Culp, who becomes chairman and chief executive, oversaw a dramatic recovery at Danaher, another large manufacturer, while Tom Horton, who joins as senior director, restored the fortunes of American Airlines. "We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency", Culp said.

"Under Culp, investors may be willing to look further out to assess what GE may be worth post the planned portfolio moves, which may sustain the bounce in the stock that we expect today". We remain committed to strengthening the balance sheet including deleveraging.

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