General Electric Fires John Flannery as CEO, takes $23 billion non-cash charge for Power business problems and withdraws guidance. Lawrence Culp takes Over as Chairman and CEO

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  • General Electric abruptly removes John Flannery as chairman and CEO and installs former Danaher CEO Lawrence Culp as his successor.
  • The board had grown frustrated with the slow pace of change under Flannery, sources familiar with the issue say.
  • GE also will take a $23 billion noncash charge for its struggling power business.
  • The company says it expects to “fall short of previously indicated guidance for free cash flow and EPS for 2018.”
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Struggling industrial conglomerate General Electric abruptly removed John Flannery as chairman and CEO on Monday after only a year on the job, and installed former Danaher CEO Lawrence Culp as his successor.

GE shares, which had fallen to a nine-year low last week, surged in reaction.

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GE also announced a $23 billion noncash charge for its ailing power business and said it will “fall short of previously indicated guidance for free cash flow and EPS for 2018,” as many on Wall Street had warned.

www.cnbc.com/2018/10/01/ge-removes-flannery-as-ceo-takes-23-billion-non-cash-charge-for-power-business-problems-and-withdraws-guidance.html

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