General Electric Company (GE) Stock

General Electric CEO John Flannery is seen at the company’s office in New York City

General Electric Co Chief Executive Officer John Flannery stepped down on Monday after a year in charge as the company announced a US$23 billion charge related to its power business.

The company said it would fall short of its previously indicated guidance for free cash flow and earnings per share for 2018 due to weakness within GE Power, despite 'GE's businesses other than Power generally performing consistently with previous guidance'.

GE Power's current goodwill balance is about US$23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance, the company said.

"Investors will view the change favorably given Culp's successful CEO tenure at Danaher, his GE "outsider" status, and the fact that Culp doesn't "need" the position, having already completed a lucrative & reputable career".

General Electric, mired in a deep slump, has ousted CEO John Flannery after barely a year on the job.

Flannery, promoted from his most recent job as GE's health care division chief last summer, spent more than 30 years at the company.

The shares climbed 8.2 percent to $12.22 in NY premarket trading Monday.

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GE's share price suffered under Flannery, falling more than 50 percent since he took over last August.

The profit disappointment and massive accounting writedown are just the latest in a long line of misses dating back to the leadership of Jeff Immelt, who led GE between 2001 and June of a year ago.

Mr Culp said: "GE remains a fundamentally strong company with great businesses and tremendous talent". The problems deepened in the past two years as GE faced cash-flow shortfalls, slumping demand and investigations by the U.S. Securities and Exchange Commission.

Culp is known as a specialist in turning companies around. The company has been forced to sell off divisions and lay off employees, a process that accelerated under Flannery.

Culp, 55, ran Danaher from 2000 to 2014 in what investors and analysts view as one of the best turnarounds among multi-business industrial companies.

"Under Culp, investors may be willing to look further out to assess what GE may be worth post the planned portfolio moves, which may sustain the bounce in the stock that we expect today". We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency.

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