GE Ousts Flannery After Slump, Names Lawrence Culp CEO
- Turnaround architect Culp takes CEO spot as Flannery exits
- Troubled manufacturer sees power charge in $23 billion range
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General Electric Co. ousted CEO John Flannery just over a year into his tenure and replaced him with a renowned turnaround expert -- a surprise move that stoked the biggest rally in nine years for the company’s depressed shares.
Larry Culp, who won Wall Street’s praise for transforming manufacturer Danaher Corp., takes over immediately amid one of the deepest slumps in GE’s 126-year-old history. The Boston-based company signaled more pain ahead, warning it would miss its 2018 earnings forecast and write down about $23 billion of goodwill associated with its struggling power segment.