GE shares up 13% after abruptly removing CEO

General Electric on Oct. 1 said it had replaced John Flannery as its chairman and CEO, shooting its share prices up 13 percent after reaching a nine-year low last week, CNBC reports.

Lawrence Culp, former CEO of Danaher, replaced Mr. Flannery as chairman and CEO.

Mr. Flannery spent just one year on the job. Sources told CNBC Mr. Flannery's removal was sparked by the board's frustration with his inability to enact timely, positive change.

In addition to the leadership shakeup, GE also announced a $23 billion noncase charge for its power business Oct. 1.

"GE Power's current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance," GE told CNBC. "The impairment charge is not yet finalized and remains subject to review."

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