General Electric CEO John Flannery is out
General Electric head John Flannery is out after just more than a year at the top of the company. He will be replaced as chairman and CEO by H. Lawrence Culp, Jr.GE said it will take a $23 billion goodwill charge for its power business. "GE expects to take a non-cash goodwill impairment charge related to the GE Power business," the release said. GE Power's current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance. Advertisement
The conglomerate also warned that it will miss its 2018 earnings-per-share gudiance. "While GE's businesses other than Power are generally performing consistently with previous guidance, due to weaker performance in the GE Power business, the Company will fall short of previously indicated guidance for free cash flow and EPS for 2018."
GE shares are up more than 10% on the news.This story is developing...
Get the latest General Electric stock price here.
- Buy the best table runners
- HM commanders channelised drug smuggling money in J&K to support terror activities: NIA
- What is gender lens investing? Sangita Reddy, Kiran Mazumdar Shaw, Nandini Piramal, and Vani Kola share their thoughts
- Luxury icons Sabyasachi and Oberoi open up about their 'perfectionist quirks' like checking the color of egg yolks and slashing clothes so they can’t hit the edit table
- Indian Prime Minister Narendra Modi warns against complacency in the fight against COVID-19