Tuesday, 11 December, 2018

General Electric surges after replacing Flannery as CEO (GE)

Former General Electric chairman and CEO John Flannery Richard Drew Associated Press. Former General Electric chairman and CEO John Flannery
Laurie Berry | 01 October, 2018, 23:17

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. In a press release announcing the move, GE also said it would be taking a $23 billion non-cash charge for its power business and will miss profit expectations for 2018.

The shares climbed 8.2 percent to $12.22 in NY premarket trading Monday.

GE Power's falling profits a year ago forced GE to slash its overall profit outlook and cut its dividend for only the second time since the Great Depression.

Last week the company's market value fell below $100 billion for the first time since March 2009.

"GE Power has not yet found a bottom in our view due to a continued deceleration in the gas power equipment and services market", Steven Winoker, an analyst at UBS, said in a September note following the latest earnings report.

White House not 'micromanaging' Brett Kavanaugh probe, officials say
She outlined several points as to why Ford's allegation is weaker than a typical "he said, she said" case. A third woman, Julie Swetnick , has also accused Kavanaugh of sexual misconduct.

Flannery's departure underscores the slow pace of his efforts to turn around GE.

It was not immediately clear whether GE's strategy of divestitures and asset sales would change with new leadership. 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". It is a privilege to be asked to lead this iconic company. GE will also take a charge that will be "substantially all" of the US$23 billion goodwill balance of the power unit.

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. Slimmed-down GE will focus on jet engines, power plants and renewable energy. The company said it would take a non-cash charge related to that division.

The stunning shakeup underscores the magnitude of the crisis at GE, which has lost half a trillion dollars in market value since the peak in 2000. "We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency", Culp said.

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