General Electric Co. ousted Chief Executive John Flannery after about a year in the job, a surprise move as the conglomerate revealed that deeper problems in its troubled power unit would cause the company to miss its profit and cash targets for the year. The company named board member Larry Culp, as its new chairman and CEO, effective immediately. Mr. Culp, a former CEO of Danaher Corp., had joined GE’s board earlier this year as part of a broader shake-up of the struggling conglomerate.

Source: Wall Street Journal October 01, 2018 11:22 UTC