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.”
More articles on business:
Kavanaugh hearing expected to slow markets
3 things to know about fed’s rate hike, outlook
Richard Parsons appointed interim chairman of CBS board
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
