GE Names New CEO, Replacing Flannery
H. Lawrence Culp is appointed new chairman and CEO
General Electric Co. GE -2.08% said John Flannery is stepping down as its chairman and chief executive, naming H. Lawrence Culp Jr. as his successor, effective immediately.
Mr. Culp was approved to the role in a unanimous vote by the company’s board of directors. Mr. Culp has served as the chief executive of Danaher Corp. for 14 years.
The company said it has also appointed Thomas Horton as lead director. Both Messrs. Culp and Horton have been members of the board since April.
Additionally, the company said it expects to miss its guidance for earnings per share and free cash flow for 2018. It said it would also take a non-cash impairment charge related to the power business. It has $23 billion of goodwill related to the business and that “the goodwill impairment charge is likely to constitute substantially all of this balance.”
Shares of GE rose 11% in premarket trading. The stock is down 35% so far this year.