Larry Culp, who becomes chairman and chief executive, oversaw a dramatic recovery at Danaher, another large manufacturer, while Tom Horton, who joins as senior director, restored the fortunes of American Airlines.
With a market capitalization below $100 billion as of Friday, GE was worth less than a fifth of its peak value a generation ago.
The company said Monday that H. Lawrence Culp Jr. will take over as chairman and CEO immediately. In a statement on Monday, GE lauded Culp's tenure at Danaher and said that he "executed a disciplined capital allocation approach, including a series of strategic acquisitions and dispositions", among other activities. We remain committed to strengthening the balance sheet including deleveraging.
GE is scheduled to report earnings October 25th before the market opens.
"The board is signaling to the market that we are not going to give anyone free reign like we did with Jeff Immelt", said Morningstar analyst Joshua Aguilar.
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Since then, GE has announced the sale of several divisions, including its rail and health technology units. "GE is bloated and its culture is destroyed".
There's little wonder why investors reacted positively to the announcements, despite the profit warning and charge.
The company was booted from the Dow Jones Industrial Average this summer and last month, shares tumbled to a nine-year low after revealing that its marquee gas turbine was flawed, an "oxidation issue" forcing the shutdown of a pair of power plants where they were in use. That will leave it focused on areas such as jet engines, power plants and renewable energy.
"Investors grew impatient with the lack of improvement and with the sheer scale of the problems uncovered". "The market seems to be welcoming a change in leadership but the new CEO will be facing numerous same problems".
On Monday, the firm said it expected to write down $23bn in impairment charges on its power division. We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency.