GE Abruptly Replaces CEO Flannery with Former Danaher CEO Culp
Summary
Before that, the 55-year-old ran Danaher (NYSE: DHR ) for 14 years, during which time he helped grow the industrial conglomerate’s revenues and market value five-fold, GE said in a press release .Investors welcomed the news: GE’s stock price was up more than 12 percent in early trading on Monday, hovering around $12.75 as of this writing.Flannery spent a little more than three decades at GE , running its healthcare business for about three years before taking the top job.The vision was to make GE a “digital industrial company” that would take advantage of technology trends, including the growth of connected devices in factories and hospital equipment enhanced with machine learning software .But Immelt’s transformation of GE didn’t produce the results Wall Street hoped for—the company’s stock dropped 30 percent during his tenure, the worst performance in the Dow Jones Industrial Average during that period.
Classifications
AskAI Classifications
LabelsLinked Companies
