GE unexpectedly removes its CEO

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This photograph taken on July 26, 2017, shows a view of General Electric subsidiary Hydro France in Grenoble.
The industrial conglomerate General Electric (GE) is considering removing 345 of the 800 posts in the plant which is causing great concern among workers and residents. / AFP PHOTO / JEAN-PIERRE CLATOT (Photo credit should read JEAN-PIERRE CLATOT/AFP/Getty Images)

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General Electric, mired in a deep slump, has ousted CEO John Flannery after barely a year on the job.

Flannery is being replaced by H. Lawrence Culp Jr., the former CEO of Danaher, an industrial company. The change is effective immediately.

“GE remains a fundamentally strong company with great businesses and tremendous talent. It is a privilege to be asked to lead this iconic company,” Culp said in a statement. “We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency.”

GE has been hobbled by years of poorly timed deals and needless complexity. To pay off debt and jump-start the stock, GE is selling off countless businesses, including its century-old railroad division, Thomas Edison’s light-bulb unit, Baker Hughes and the health-care unit that makes MRI machines.

Last week the company’s market value fell below $100 billion for the first time since March 2009.

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