GE shares soar after CEO John Flannery ousted; Larry Culp takes helm
01 October, 2018, 23:16
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.
Mr Culp said: "GE remains a fundamentally strong company with great businesses and tremendous talent". Culp, 55, who was named to GE's board in February, was CEO of Danaher Corp (DHR.N) from 2000 to 2014, helping grow an industrial company into a broader conglomerate through a series of acquisitions, while growing earnings.
Flannery took over as CEO after Jeffrey Immelt stepped aside on August 1, 2017, after 16 years in the role. GE had fallen 35 percent this year through September 28, following a 45 per cent decline in 2017.
Flannery faced a titanic task in redirecting General Electric, which was founded in 1892 in Schenectady, New York. The stock is down 28% since the beginning of the year.
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One thing that may not have endeared Flannery to its board was his inability to get investors to buy into his plans to right the ship.
The removal of Flannery, after only 13 months on the job signifies the struggles the former industrial and financial giant has had transforming its business and shedding assets.
"He's an outsider and maybe it's going to take an outsider to come in and fix this thing", said Scott Davis, an analyst with Melius Research. After being asked why he believed the stock reacted negatively to his comments, he suggested it was because investors were disappointed in how "deliberate" he was, as many people seemed to wonder "what's taking so long?" "It is a privilege to lead this iconic company". We remain committed to strengthening the balance sheet including deleveraging. He's already a member of GE's board.
GE doubled down on fossil fuels in 2015 under Immelt with the $10.3-billion purchase of French group Alstom SA's (ALSO.PA) power business.
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