Larry Culp cut GE's dividend to 1 cent per share from its quarterly level of 12c per share, saving GE around $3.9bn a year. Despite the loss of dividend shares rose.
Larry Culp is known for his "hands-on" approach, having cut his teeth from the age of 37 as CEO of Danaher. He has a BA from Washington College and an MBA from Harvard Business School. He is the first outsider to lead GE, ousting former incumbent John Flannery (who was a 30 year veteran of GE taking the reigns from Jeff Immelt). On Larry's appointment, shares surged 10%.
GE's debt, complexity of corporate structure and bad deals have contributed to its troubles. This has wiped off half a trillion dollars of market value over the past 18 years (its market value peaked in 2000). GE Power is one of its worst performing divisions reporting a 33% decline in Q3 sales. Renewable energy generation is taking away some of its business.
A bright spot in GE's business is GE Aviation, where sales have climbed 12%, in which the company builds jet and turboprop engines (engines that drive aircraft propellers). The division also has a Digital subdivision which offers products in the cloud aimed e.g. at aircraft maintenance records (AVRAD).
Larry Culp is known for his "hands-on" approach, having cut his teeth from the age of 37 as CEO of Danaher. He has a BA from Washington College and an MBA from Harvard Business School. He is the first outsider to lead GE, ousting former incumbent John Flannery (who was a 30 year veteran of GE taking the reigns from Jeff Immelt). On Larry's appointment, shares surged 10%.
GE's debt, complexity of corporate structure and bad deals have contributed to its troubles. This has wiped off half a trillion dollars of market value over the past 18 years (its market value peaked in 2000). GE Power is one of its worst performing divisions reporting a 33% decline in Q3 sales. Renewable energy generation is taking away some of its business.
A bright spot in GE's business is GE Aviation, where sales have climbed 12%, in which the company builds jet and turboprop engines (engines that drive aircraft propellers). The division also has a Digital subdivision which offers products in the cloud aimed e.g. at aircraft maintenance records (AVRAD).
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