GE's New CEO Vows Sweeping Change After ‘Unacceptable’ Report
- ‘Everything is on the table,’ Flannery says on earnings call
- Company targets $20 billion in divestitures within two years
General Electric Slashes 2017 Profit Forecast
This article is for subscribers only.
General Electric Co.’s new boss promised “sweeping change” as he delivered a brutal assessment of the 125-year-old manufacturer.
Results for the latest quarter are “completely unacceptable,” Chief Executive Officer John Flannery told investors on Friday as he slashed the profit forecast and pledged to unload $20 billion of GE businesses. “We need to make some major changes with urgency and a depth of purpose.”