GE Ousts Flannery After Missed Targets https://www.wsj.com/articles/ge-names-new-ceo-replacing-flannery-1538392715
A company that typically values longterm stability in its highest office made a change after a single year. Large shortcomings in GE’s power division negatively impact performance as a whole, leading to John Flannery being out of a job.
GE is an iconic brand, whose once largesse scale made it a global giant, now struggles to provide stable returns for investors. After divestitures and restructuring, issues still remain, although its healthcare and aviation show positive growth.
Now, GE turns to Larry Culp, who now knows he will not have the long tenure afforded to Jack Welch or Jeffrey Immelt. Culp is former CEO of Dannaher and a lecturer of orgazational behavior at Harvard Business School.
Hopefully, Culp can lead the turnaround at GE that evaded his predecessors.