General Electric pulls ripcord
For weeks there have been discussions about the further strategy and the restructuring of the giant General Electric.
And again and again in this context, the name of the highest boss John Flannery fell. They accuse him of the wrong approach, and the share price reached a further low with a value of less than 12 USD (10.34 EUR).
John L. Flannery became CEO of GE in August 2017 after longtime Chairman Jeffrey R. Immelt retired after 16 years (2001 - 2017); and even before that, a very big man was at the helm (John Francis "Jack" Welch from 1981 - 2001).
The Board of Directors has now unanimously agreed to replace Flannery and immediately appointed Lawrence Culp, Jr. as the new Chairman and CEO. He will be joined by Thomas W. Horton, as Lead Director, who, like Culp, has been on the board since April of this year.
Of course, the stock market reacted immediately with a price jump upwards.