Flannery is being replaced by H. Lawrence Culp Jr., the former CEO of Danaher, an industrial company. GE also installed Thomas Horton, the former CEO of American Airlines, as its lead director. GE further warned it will take an impairment charge related to GE Power. It is a privilege to be asked to lead this iconic company," Culp said in a statement. GE (GE) has been hobbled by years of poorly timed deals and needless complexity.

Source: CNN October 01, 2018 11:21 UTC