{"id":2770,"date":"2018-10-01T20:51:22","date_gmt":"2018-10-01T20:51:22","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/ge-chief-executive-departs-amid-profit-warning\/"},"modified":"2018-10-01T20:51:22","modified_gmt":"2018-10-01T20:51:22","slug":"ge-chief-executive-departs-amid-profit-warning","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/ge-chief-executive-departs-amid-profit-warning\/","title":{"rendered":"GE chief executive departs amid profit warning"},"content":{"rendered":"\n
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\n Larry Culp is GE’s new chief executive
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General Electric has ousted its chief executive, installing new leadership for the second time in two years as it struggles to return to growth.<\/p>\n

Larry Culp, a GE board member who ran US manufacturer Danaher for more than a decade, is to replace GE veteran John Flannery, effective immediately.<\/p>\n

Shares surged almost 10%, although the firm also warned it would fall short of its profit forecasts.<\/p>\n

Mr Flannery had been in the role for less than two years.<\/p>\n

He took over from veteran chief executive Jeff Immelt, who had led the US industrial giant since 2001.<\/p>\n

Last year, Mr Flannery announced a turnaround plan aimed at simplifying the business model of the conglomerate, which had grown to encompass everything from light bulbs to loans.<\/p>\n

Since then, GE has announced the sale of several divisions, including its rail and health technology units.<\/p>\n

However, the disposals have failed to rebuild investor confidence and shares have almost halved in the past 12 months.<\/p>\n

In June, the Dow Jones Industrial Average cut the company from its 30-company stock index – a move that reflected its shrinking position in the US economy.<\/p>\n