Health Care

General Electric just abruptly ousted CEO John Flannery

General Electric just abruptly ousted CEO John Flannery

Some analysts said GE Power likely missed financial targets for the third quarter, contributing to Flannery's ouster.

GE's stock rose more than 10 percent on news of Flannery's surprise departure.

GE has famously paid a dividend every year since the Great Depression. The executive, who also teaches at Harvard Business School, only joined the GE board in April.

Since achieving a peak market cap of $US594 billion way back in August 2000, GE has seen its value tumbled by nearly $US500 billion.

Culp said in a statement, "We will move with urgency". Despite cutting jobs and shedding businesses, GE's results continued to deteriorate, mainly due to problems at its power plant division, which makes electric generating equipment.

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Shares of GE were up 9.8% at $12.40.

GE, however, has not seen such gains, particularly when it comes to its power business which was hit by problems with its latest generation of gas turbines and posted a $10 billion loss past year. It's been selling off assets and trying to sharpen its focus since the recession, when it's finance division was hammered.Flannery vowed to give GE more of a high-tech and industrial focus by honing in on aviation, power and renewable energy - businesses with big growth potential.

Beyond its power disaster, GE is grappling with a dual-pronged SEC investigation into its accounting practices and insurance business. The company said in June that it would spin off its healthcare business and split from oil giant Baker Hughes in a massive reorganization.

"John Flannery is running the company", Peltz said flatly.

Culp has won praise for transforming industrial conglomerate Danaher and is seen as bringing that experience to GE, which has been floundering for two years.

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As the problems in Texas occurred, Flannery held an emergency meeting last week, calling on staff to "fight for the company", according to The Wall Street Journal.

"During his tenure he led the highly successful transformation of the company from an industrial manufacturer into a leading science and technology company", the statement said.

"Given the amount of portfolio change at the company and the prospect for further shifts in light of this news, one drawback is that shareholders do not know exactly what they will be owning in a year or two, but this factor has not stopped investors from trusting in portfolio changes at DHR and FTV".

CFRA Research analyst Jim Corridore said it was probably positive that GE had tapped an outsider to lead the company instead of another company veteran as Flannery had been. "The market seems to be welcoming a change in leadership but the new CEO will be facing numerous same problems". Flannery "seemed like he was on the right path, but he was slow". Contributions of 200 words or more will be considered for publication.

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