Logo of General Electric GE. GE recently announced that it would be replacing current CEO John Flannery with H. Lawrence Culp. (Photo by Ulrich Baumgarten via Getty Images)

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GE Announces New CEO Amid Stock Power Failure

General Electric announces company is replacing John Flannery with H. Lawrence Culp.

Big changes are afoot at General Electric. The 125-year-old company will replace its current CEO John Flannery with new hire H. Lawrence Culp, who was previously CEO of Danaher Corp. GE also announced a $23 billion non-cash charge for its power business, and that the company will fall short of earnings expectations this year.

The company’s CEO carousel began last year, when Flannery took over for Jeffrey R. Immelt. The tumult of Immelt’s tenure, which included the worst stock performance of any company that didn’t go bankrupt or lose it’s blue-chip categorization, wasn’t much improved after Flannery assumed the position. In the last year alone, GE’s stock price has been cut in half.

GE continues to employ 300,000 employees. The changes still to come reportedly include adjustments to its board of directors and the sale of its lighting business.

Read the full story at The Washington Post