Former chief of Danaher switches company on GE

September 11, 2018 - By Mildred Donovan

Who will be the new CEO of General Electric? The company has made an official statement this Monday that they are planning to replace John Flannery, their current CEO with H. Lawrence Culp, from Danaher Corp.

Flannery became in charge of industrial mogul only a year ago, and now his is being replaced with former CEO of Danaher.

Meanwhile, the company has also confirmed their intention to take a noncash charge of 23 billion dollars for power business and go short of 2018 earnings expectations made earlier.

During the first trading of Monday morning, stocks of GE Company rose by 12 percent.

During the past year, shares of GE have significantly lost in price, even with the total rise of the market. While other companies received a significant rise to the new records, GE could only watch the success of their rivals. Capitalization of the market went down by 100 billion dollars for them, while prices on stocks were cut by half.

When Flannery came to replace the longtime CEO Jeffrey Immelt, who was in charge back then, the company had high hopes on changes. Immelt’s time in the company turned as the worst performing stocks inside Dow Jones average.

Meanwhile, the famous maker of turbines, appliances, and lightbulbs still plays a very significant role in the lives of millions of Americans and people across the world. They still have a wide audience of consumers. The company has enormous size, and it helps to the whole economy of the USA, supports its pensioners, investors, and savers.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.


Tags: ,