GE CEO Flannery Removed as Losses Increase

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

General Electric, mired in a deep slump, has ousted CEO John Flannery after barely a year on the job. 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.

"Investors will view the change favorably given Culp's successful CEO tenure at Danaher, his GE "outsider" status, and the fact that Culp doesn't "need" the position, having already completed a lucrative & reputable career".

The shares climbed 15 per cent to US$12.95 in NY premarket trading Monday.

Culp is known as a specialist in turning companies around.

The company, a bellwether for manufacturing, also announced a $23bn impairment charge against the value of its power division. GE now expects to miss its 2018 earnings forecast and take an impairment charge for nearly all of the US$23 billion of goodwill associated with its power segment.

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While noting that while Culp has work to do, "I wouldn't want to bet against Larry", Davis added.

He will be replaced as chairman and CEO by H. Lawrence Culp, Jr. So, by putting an end to Flannery's almost 2 year tennure at the company and bringing a trusted leader on board to replace him, the company has excited investors.

Flannery vowed to give GE more of a high-tech and industrial focus by zeroing in on aviation, power and renewable energy - businesses with big growth potential.

Recently, investors and other members of the financial community have been concerned about John Flannery's ability to lead GE as the company seems to be headed in the wrong direction. The company said it would take a non-cash charge related to that division. Thomas Horton, the former CEO of American Airlines who also joined GE's board this year, was named lead director. "We see a significant cut to dividend earlier than previously expected". We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency. Culp specifically cited improving GE's balance sheet and reduce its debt load, but acknowledged that he and his team "have a lot of work ahead of us".

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