John Flannery ousted at GE after less than 2 years

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

"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.

North Korea Gifts Hunting Dogs To South Korea President Moon Jae
He also provided Moon with a letter that the South Korean leader hand-delivered to Trump. Trump said in his mock "news anchor" voice.

Another hairpin turn for Tesla as stock dives on SEC charge
If the company stays public, however, Musk could be forced to take a back seat role or exit the company entirely. Share value in Tesla is down more than 11.6 percent on the day, trading at $271.75 as of this writing.

Kings, Suns Willing to Help Facilitate Jimmy Butler Trade
That came in a report from Marc Stein of the New York Times in which he cited National Basketball Association sources. Butler was allowed to not participate in media day by Wolves management and ownership reportedly wants him out.

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.

Related news:

Hot News

isis-killer-beheading-video-story-top Hurricane Rosa weakens, Southern California to see rain and high surf
Oct 01, 2018 - 02:46
The National Hurricane Center said the main hazard is heavy rainfall, both in Mexico and the American Desert Southwest. Rain is expected to begin Sunday afternoon in southeastern California and Arizona, where 2-4 inches is likely to fall.

isis-killer-beheading-video-story-top Fortnite Season 6 Trailer - Darkness Rises and Brings New Map Changes
Oct 01, 2018 - 02:33
It appears the Cube may continue to grow through Season 6 according to the following assets in the CubeGrowth folder. As you can see in the Tweet above, Calamity's dance adds a bit more realism to the overly-cartoony game.

isis-killer-beheading-video-story-top How to Watch the Kavanaugh Senate Judiciary Committee Hearing Today
Oct 01, 2018 - 01:47
Taylor Foy, a spokesman for committee chairman Chuck Grassley , said there is "no reason to assign the letter credibility". And even if we did, we'd have no way to investigate the allegation as it was made anonymously and can not be corroborated.

isis-killer-beheading-video-story-top Barcelona 1-1 Athletic Bilbao
Oct 01, 2018 - 00:49
Messi came on in the second half and grabbed the assist for Munir El Haddadi's equaliser at the Camp Nou. Recent results have not been good but it is a long season'.

isis-killer-beheading-video-story-top Federal Bureau of Investigation probe ordered, Donnelly announces vote against Kavanaugh
Oct 01, 2018 - 00:13
The committee has said the probe should be limited to "current credible allegations" against Kavanaugh and be finished by Friday. Sanders says the White House counsel has allowed the Senate to dictate the terms and scope of the investigation.

isis-killer-beheading-video-story-top Trump reopens FBI investigation into Kavanaugh
Sep 29, 2018 - 21:54
President Donald Trump ordered the FBI on Friday afternoon to reopen the background investigation of Supreme Court nominee Brett Kavanaugh .

isis-killer-beheading-video-story-top Jose Mourinho Odds On To Leave Manchester United Before Paul Pogba
Sep 29, 2018 - 21:51
However, his relationship with his manager Jose Mourinho has spiraled out of control of late. Loud criticism, loud instruction, happens every day.

isis-killer-beheading-video-story-top Liverpool out to 'strike back' against Hazard and Chelsea
Sep 29, 2018 - 21:48
Instead, the Italian believes Hazard can reach his full potential if he shows more intensity in training. So I think that if he's able to improve he will be the best in the world.

isis-killer-beheading-video-story-top NBC reports there’s a fourth allegation against Kavanaugh - from an anonymous accuser
Sep 29, 2018 - 21:47
Since Ford's allegations , two other women have come forward with their own accusations of sexual misconduct against Kavanaugh. The Senate Judiciary Committee is questioning Supreme Court nominee Brett Kavanaugh after an anonymous letter was sent to Sen.

isis-killer-beheading-video-story-top Trump questions George Washington’s past to defend Kavanaugh
Sep 29, 2018 - 21:44
Trump said that the Kavanaugh situation was "a very, very unsafe standard for our country", as "you are guilty until proven innocent".

isis-killer-beheading-video-story-top Panthers signing of Eric Reid has many layers
Sep 28, 2018 - 03:27
He's a very physical player who has good ball skills and really good playmaking ability. "I know how he is as a talent". The Panthers next play October 7 at home against the New York Giants.

isis-killer-beheading-video-story-top Tesla Model 3 Exploring All Options To Speed Up Deliveries
Sep 28, 2018 - 02:27
The stocks of Tesla have tumbled with 3.4%, following the news of the possible criminal investigation of the company. Tesla Inc is making its own auto carriers, as the electric automaker deals with vehicle distribution problems.

isis-killer-beheading-video-story-top Heads of state 'were laughing with me,' not at me
Sep 28, 2018 - 02:18
US President Trump addresses the 73rd session of the United Nations General Assembly on September 25, 2018 in New York City. Pompeo also spoke at the event hosted by United Against a Nuclear Iran being held to coincide with the UN General Assembly.

isis-killer-beheading-video-story-top Handwritten note on Kavanaugh, Ford hearing room table: 'Good luck, Dr. Ford'
Sep 28, 2018 - 01:13
The affidavit said she has clearances to work with multiple federal agencies, including the Treasury Department. Ford is set to testify before the Senate Judiciary Committee about that allegation on Thursday.

isis-killer-beheading-video-story-top Michael Avenatti denies being fooled by 4Chan over Brett Kavanaugh allegations
Sep 28, 2018 - 00:17
Kavanaugh has also "categorically denied" allegations made by his other two accusers: Christine Blasey Ford and Deborah Ramirez . She says, among others, that Kavanaugh and Judge were present when she was gang raped. "I don't know, frankly", said Avenatti .