GE’s Road to Recovery Is Still Uphill
Improved guidance is a positive, but it’s still burning cash and adding to its list of management changes.
GE is making progress, but it’s not in the clear yet.
Photographer: Martin DivisekGeneral Electric Co.'s turnaround is advancing to the next stage, but it still has a ways to go.
The industrial conglomerate on Wednesday said its chief financial officer Jamie Miller would be stepping down as soon as she transitions her responsibilities to a yet-to-be-identified replacement. Miller was one of the more visible legacies of an era that everyone associated with GE would like to forget. She was named to the CFO job in 2017 by then-CEO John Flannery after the total collapse in GE’s earnings and cash flow expectations made it impossible for former CFO Jeff Bornstein to continue in his role. Flannery was then ousted last year after a series of surprise writedowns added to investor frustrations over a turnaround that seemed to move too slowly.