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GE unexpectedly removes its CEO

Posted: 4:28 AM, Oct 01, 2018
Updated: 2018-10-01 13:06:25Z

General Electric, mired in a deep slump, has ousted CEO John Flannery after barely a year on the job.

Flannery is being replaced by H. Lawrence Culp Jr., the former CEO of Danaher, an industrial company. The change is effective immediately.

"GE remains a fundamentally strong company with great businesses and tremendous talent. It is a privilege to be asked to lead this iconic company," Culp said in a statement. "We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency."

GE has been hobbled by years of poorly timed deals and needless complexity. To pay off debt and jump-start the stock, GE is selling off countless businesses, including its century-old railroad division, Thomas Edison's light-bulb unit, Baker Hughes and the health-care unit that makes MRI machines.

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

This is a developing story.