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.”
— General Electric (@generalelectric) October 1, 2018
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.