GE ousts John Flannery as CEO after 14 months

GE replaces CEO and investors cheer, despite a profit warning and huge charge

General Electric, one of America's most important companies, has shocked Wall Street by replacing John Flannery, its chairman and chief executive, after just over a year in the job. "We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency", Culp said.

The Boston-based company's shares closed at $11.29 on Friday, with a total market capitalization of about $98 billion.

GE also announced its cash-flow and earnings per share would be less than previously indicated, because of problems at its GE Power division.

GE shares were trading at $12.60 shortly before 10.00am Eastern on Monday. They were the top percent gainer on the S&P 500 .SPX, set for their best day since March 2009, but still far lagging the S&P this year.

GE has been hobbled by years of poorly timed deals and needless complexity.

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"GE Power has not yet found a bottom in our view due to a continued deceleration in the gas power equipment and services market", Steven Winoker, an analyst at UBS, said in a September note following the latest earnings report. "It is a privilege to be asked to lead this iconic company", Culp said in a statement. GE will need to take a goodwill impairment charge of almost all the $23 billion in its goodwill balance, according to the company.

General Electric said in June it will spin off its healthcare business and divest its stake in oil-services firm Baker Hughes (BHGE.N), effectively breaking up the 126-year-old conglomerate - once the most valuable USA corporation and a global symbol of American business power. Culp specifically cited improving GE's balance sheet and reduce its debt load, but acknowledged that he and his team "have a lot of work ahead of us".

In June, the Dow Jones Industrial Average cut the company from its 30-company stock index - a move that reflected its shrinking position in the USA economy.

Horton said he's looking forward to revitalizing GE as a company with growth and long-term success.

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