Mercoledì, 24 Aprile, 2019

GE names John Flannery chief executive

Brian Snyder  Reuters  File Brian Snyder Reuters File
Sveva Terracina | 25 Giugno, 2017, 12:36

General Electric Co said CEO Jeff Immelt would step down, capping a 16-year term that included steering the conglomerate through the financial crisis but saw its shares losing almost a third of their value on worries about the company's growth.

Mr. Flannery, 55, the president and chief executive of GE Healthcare, will take over a company struggling to increase profitability on August 1.

When Jeff Immelt became CEO of GE (GE) some 16 years ago, the big question was would he be able to fill the shoes of his legendary and crusty predecessor, Jack Welch.

GE said Monday that the moves were part of its succession plan.

General Electric on Monday announced the departure of longtime chief executive Jeff Immelt, whose moves to refocus the American conglomerate on its industrial roots had drawn mixed reviews on Wall Street. GE on Monday received US antitrust approval to combine its oil and gas operations with Baker Hughes, potentially creating an oil services powerhouse with more than $32 billion in revenue. No one outside the company, including Trian, knew about the change in GE leadership until 6:30 a.m. on Monday, according to the person close to Immelt.

"I'll look at each business, I'd say, with a focus on its performance, its growth outlook, the cash, the cost structures, the returns, the competitive environment", he said on a conference call with investors and analysts.

The overarching goal has been to shift GE to a more digital-focused industrial firm-or at least that's the narrative Immelt has been pushing. "He has broad experience across multiple businesses, cycles and geographies", Immelt said in the company statement.

GE has recently faced pressure from activist investor Trian Fund Management to cut costs and make other changes. While running business development at GE Corporate, he spearheaded the acquisition of Alstom's power business, which doubled GE's installed power base and strengthened its renewables portfolio (and beat Siemens to the punch).

Flannery is "a lifer, but he's kind of an outsider because he's a GE Capital guy", Davis said. Immelt who ran GE for 16 years, led the company through dramatic change, including its departure from CT last year. After more than a century in operation, the company has been willing to change to meet the evolving demands of today's grid. That underperformance had some pressing for more urgency from Mr Immelt.

Flannery's GE bio touts his leadership of the company's healthcare wing.

For the past two years, the company said it planned to boost adjusted earnings to $2 a share in 2018.

Under Immelt, GE has sold off many of its disparate divisions to give it more of an industrial focus. In 1997, he moved to Argentina where he successfully led GE's Equity business in Latin America and the overall GE Capital business for Argentina and Chile.

Immelt is leaving GE as part of a "management shake-up", CNBC reported.


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