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GE Chief Out After Barely A Year On The Job
03 October 2018, 10:41 | Randall Craig
GE chairman out after less than 2 years General Electric
Culp was CEO of Danaher Corporation from 2000 to 2014 and is credited with a "highly successful transformation of the company from an industrial manufacturer into a leading science and technology company", according to GE. Culp and Horton have been members of the board since April 2018. The average tenure for a CEO at the company, which was once renowned for grooming executives to run major corporations including Boeing, Home Depot and Honeywell, was almost 14 years prior to Flannery's swift exit.
GE Power's current goodwill balance is about US$23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance, the company said. The impairment charge is not yet finalized and remains subject to review. Other divisions are on track, the company said in a statement today. "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".
The "change to the DJIA will make the index a better measure of the economy and the stock market", David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said at the time, further illustrating the once-shining conglomerate's increasing irrelevance.
Additionally, the GE board appointed Thomas W. Horton as lead director.
"We hold Mr. Culp in the highest regard" given his "operational and strategic excellence" at Danaher, RBC analyst Deane Dray recently wrote to clients.
He is replaced by Lawrence Culp as the new chief and chairman. It's been selling off assets and trying to sharpen its focus since the recession, when it's finance division was hammered.Flannery vowed to give GE more of a high-tech and industrial focus by honing in on aviation, power and renewable energy - businesses with big growth potential. A strong credit rating is critical for GE's ability to provide financing for the sale of its big-ticket jet engines and gas turbines. Flannery said he expected the power business to "remain weak through 2020." Investors were reportedly frustrated by how long it was all taking in the face of mounting debt and profit shrinkage.
"Investors grew impatient with the lack of improvement and with the sheer scale of the problems uncovered; however, these problems were not created under his tenure", CFRA Research analyst Jim Corridore said in a note.
The division's outlook appeared to worsen last month when GE said several power plants equipped with its newest turbines had to be shut down because of a part failure.
Culp's time at Danaher "could not have been more different to this with a very clean balance sheet, no dividend, and generally solid short cycle businesses", Tusa added.
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