GE also said it will take an impairment charge constituting almost all of the $23 billion of goodwill associated with its power segment, which has struggled with a downturn in the gas-turbine market. The deal expanded GE's exposure to gas, coal and nuclear power. It is a privilege to be asked to lead this iconic company. GE had fallen 35 percent this year through Friday, following a 45 percent decline in 2017.
GE shares were trading at $12.60 shortly before 10.00am Eastern on Monday.
Shares of GE last week hit a nine-year low, after news of a glitch in new power-plant turbine technology that temporarily shut two electricity plants in Texas - adding to woes in the company's industrial segments.
It's a track record that GE appears to need after a series of notable changes under Flannery failed to gain momentum immediately, although some analysts wonder whether Culp's history of accomplishments will be enough to reverse the direction of the company.
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 within GE Power, despite 'GE's businesses other than Power generally performing consistently with previous guidance'.
A year into Flannery's tenure, investors were reportedly concerned he was not working fast enough to restructure the company. Thomas Horton, the former CEO of American Airlines who also joined GE's board this year, was named lead director. Slimmed-down GE will focus on jet engines, power plants and renewable energy. The company has been forced to sell off divisions and lay off employees, a process that accelerated under Flannery. But investors seemed unimpressed, and the stock kept falling even as US markets notched records. Its value slipped below $100 billion even as Flannery announced a breakup.
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What will Culp do next? Culp headed Danaher, one of the best run industrial conglomerates, from 2000 to 2014, when its market value rose fivefold. Flannery cut the blue chip stock's dividend in half previous year.
Culp will likely eliminate layers of management and push executives harder to meet corporate targets.
Apple became the first US-based company to reach $1 trillion in valuation in August, according to CNBC.
Culp may also "re-baseline" the company, UBS analyst Steven Winoker, said in a note.
GE now pays an annualized dividend of 48 cents, resulting in a yield of 4%. "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 non-cash charge primarily relates to GE's acquisition of power assets from Alstom in 2015, GE said.