GE, seeking path forward as a century-old company, ousts CEO

Former General Electric chairman and CEO John Flannery

Last week, GE shares reached a nine-year low following a 10 percent drop after news of a glitch in new power-plant turbine technology that temporarily shut two electricity plants in Texas. In a press release issued minutes ago, the company announced that H. Lawrence Culp, Jr. has been appointed as the Chairman and CEO of the company by a unanimous vote of the Board of Directors.

In hiring Mr. Culp, 55 years old, GE brought in a leader who ran what some investors saw as a model industrial conglomerate. GE Power's current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance.

"GE remains a fundamentally strong company with great businesses and tremendous talent", Culp said in the statement, adding that management will move "with urgency" to executive its plan.

GE's consistent downturn comes at a time of record growth for other companies, like Apple Inc. and Amazon.com Inc.

Deal volume topped US$22 billion during Culp's 14 years at the head of the company, with his biggest move being the 2011 acquisition of diagnostic-equipment maker Beckman Coulter Inc. for US$6.8 billion. He's already a member of GE's board.

Mourinho: Some 'care more than others'
I think everything is there in front of them already to know that this isn't going to be a long-term relationship anymore. It's all of us, everybody has a role to play. "The most important (thing) is what you show on the pitch".

Iran fires missiles at Syria 'terrorists' after deadly attack
The Islamic State group also claimed responsibility for the Ahvaz assault, but initially made factually incorrect claims about it. The US military's Central Command acknowledged that Iranian forces conducted "no-notice strikes" in the area.

Teenager diving for lobsters attacked by shark and airlifted to the hospital
Lifeguards had been on duty early Saturday due to two nearby events, and the response to the attack was "very short", Giles said. Hammel was also lobster diving with a group, and they pulled the boy onto a kayak and headed to shore as the shark followed.

GE also announced its cash-flow and earnings per share would be less than previously indicated, because of problems at its GE Power division.

On Monday, the firm said it expected to write down $23bn in impairment charges on its power division. That could include changing the dividend policy and how GE allocates capital.

The shares climbed 8.2 percent to $12.22 in NY premarket trading Monday. Culp specifically cited improving GE's balance sheet and reduce its debt load, but acknowledged that he and his team "have a lot of work ahead of us". Now (7:57), GE is trading at $12.87 per share after a gain of $1.58 per share or 13.99% thus far today!

Mr Flannery had been in the role for less than two years. "However, we believe that CEO Culp will, at a minimum, re-baseline the company, drive execution and make long-term decisions that benefit the company and shareholders".

Related news:

Hot News

isis-killer-beheading-video-story-top Victor takes the NL West: Previewing Dodgers, Rockies game No. 163
Oct 02, 2018 - 01:43
In that scenario, the Dodgers win the division and the Rockies play in Tuesday's NL Wild Card game against the Brewers or Cubs. A one-game playoff in 1980 was no better for the Dodgers, who were beaten 7-1 by Houston for the NL West championship.

isis-killer-beheading-video-story-top Yale Law dean calls for more investigation into allegations against Kavanaugh
Oct 01, 2018 - 02:57
He said it was "remarkable" the number of people who saw Ford and "were emboldened to come out and say what had happened to them". That made the two women staking out his office angry, and they confronted him when he tried to leave for Friday's hearing .

isis-killer-beheading-video-story-top Gwyneth Paltrow to tie the knot this weekend
Oct 01, 2018 - 02:17
The pair separated four years ago and filed for divorce the following year with the split becoming finalised in 2016. Hollywood star Gwyneth Paltrow uploaded a rare selfie of her daughter Apple , to celebrate National Daughter's Day.

isis-killer-beheading-video-story-top Matt Damon plays a fuming Kavanaugh on 'SNL' premiere
Oct 01, 2018 - 02:00
Comparisons to Bill Cosby were brought up, to which Damon's Kavanaugh pleaded for McKinnon's Graham not to compare the two. Ford has no evidence - none", he said.

isis-killer-beheading-video-story-top Meghan Markle breaks protocol by closing her own auto door
Oct 01, 2018 - 01:01
But breaking royal protocols is nothing new for Markle, who also shut her own auto door during the outing. The Duke said: "I was staggered by the beauty and sheer remoteness of this incredible landscape".

isis-killer-beheading-video-story-top #GamingBytes- Mojang announces new role-playing-game, Minecraft: Dungeons
Oct 01, 2018 - 00:59
I am quite pleased with the little teaser for Minecraft : Dungeons and it seems like the kind of Minecraft experience I'll enjoy. Mojang announced the game at Minecon today, providing a few general details about what Minecraft: Dungeons is all about.

isis-killer-beheading-video-story-top Trump Says He and Kim Jong Un ‘Fell in Love’
Oct 01, 2018 - 00:53
North Korea wants a formal peace treaty to end the 1950-53 Korean War, which ended only in an armistice. Donald Trump has told a cheering crowd that he and North Korean leader Kim Jong Un "fell in love".

isis-killer-beheading-video-story-top EAM takes on Pakistan for 'breeding terrorism', calls for UNSC reforms
Sep 30, 2018 - 22:43
Moreover, FM Qureshi said that he will be meeting US Secretary of State Mike Pompeo on October 2 to discuss bilateral matters. India's foreign minister accused neighboring Pakistan of harboring terrorists in an angry speech Saturday before the U.N.

isis-killer-beheading-video-story-top Hurricane Rosa weakens again, keeps Mexico in its sights
Sep 30, 2018 - 22:42
It is expected to become a tropical storm by late Sunday as it heads northeast toward the Baja California peninsula. The storm was moving north at 12 miles per hour and had maximum sustained winds of 105 miles per hour .

isis-killer-beheading-video-story-top Passenger plane crash landed into the ocean
Sep 30, 2018 - 22:37
"They're people that come here to go to work or go to the store or bring fish to the market to sell", Colson said. Jaynes, meanwhile, reflecting on his experience, said, "I'm alive, and that's an extremely good thing".

isis-killer-beheading-video-story-top US can't pull off comeback, Europe wins Ryder Cup
Sep 30, 2018 - 22:11
A third point saw Spieth and Thomas become just the fourth U.S. pairing to achieve that haul since it became Europe versus the US. It clinched the win at 14.9-9.5 with play still ongoing. "His pace looked a little bit slow walking", US captain Jim Furyk said.

isis-killer-beheading-video-story-top What Difference Would It Make If The FBI Were To Investigate Kavanaugh?
Sep 29, 2018 - 04:58
After she testified, Democratic Senator Richard Blumenthal took the opportunity to make another push for an FBI investigation. Democrats have been calling for such an probe, though Republicans and the White House have insisted it's unnecessary.

Virgil van Dijk a doubt for Liverpool v Chelsea, admits Klopp
Sep 29, 2018 - 04:54
Salah returns to Stamford Bridge seeking to show Chelsea the error of their ways in letting him leave two years ago. You can see the end product when you look at Napoli and how Chelsea are playing now.

isis-killer-beheading-video-story-top Supreme Court lifts ban on entry of women into Sabarimala temple
Sep 29, 2018 - 04:53
The ban on women devotees was being upheld by the Travancore Devaswom Board which manages the famous Sabarimala Ayyappa temple. The Supreme Court has lifted the ban on the entry of women into the Sabarimala Temple in the age group of 10 and 50.

isis-killer-beheading-video-story-top President Trump holds rare solo news conference
Sep 29, 2018 - 04:49
Trump called on reporters at will, often taking time to malign or praise their respective news outlets. "People want fame. She adds, "This is a country where you're innocent until proven guilty except when you're a conservative Republican".