John Flannery ousted at GE after less than 2 years

John Flannery ousted at GE after less than 2 years

"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". More than 90 percent of the transactions Culp oversaw at Danaher were company takeovers, according to data compiled by Bloomberg.

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

In addition to announcing the executive shakeup, GE also said on Monday that its power business has been performing worse than anticipated and will not hit its 2018 cash flow and earnings guidance.

Culp's time as CEO of Danaher was marked by expanding the reach of the company into fields as diverse as dental imaging and water filtration.

GE Power's current goodwill balance is about US$23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance, the company said.

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While noting that while Culp has work to do, "I wouldn't want to bet against Larry", Davis added. Horton also joined GE's board this year. GE will report third-quarter results later this month.

Mr Flannery had been in the role for less than two years. The Dow Jones Industrial Average removed GE from the blue-chip index last June, citing the company's poor performance.

Flannery, promoted from his most recent job as GE's health care division chief last summer, spent more than 30 years at the company.

In the press release, Mr. Culp said, "GE remains a fundamentally strong company with great businesses and tremendous talent".

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 a year ago. GE also appointed Thomas Horton, who already serves on its board, as the company's lead director. That could include changing the dividend policy and how GE allocates capital. "However, we believe that CEO Culp will, at a minimum, re-baseline the company, drive execution and make long-term decisions that benefit the company and shareholders". We remain committed to strengthening the balance sheet including deleveraging.

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