Flannery will be replaced by H. Lawrence Culp Jr., who had the unanimous support of the board, the company said. Culp, known for turning around Danaher, was added to GE’s board in February. The company’s power business, hit by problems with its latest generation of gas turbines, posted a $10 billion loss last year. The company said it would fall short of its previously indicated guidance for free cash flow and earnings per share for 2018 due to weakness in its power business. GE Power’s current goodwill balance is about $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance, the company said.

Source: Huffington Post October 01, 2018 11:48 UTC