However, as Flannery has restructured the multinational conglomerate, its value has dipped below $100 billion and shares are down more than 35 percent this year. Mr. Culp, who is known as Larry, spent roughly 15 years at the helm of Danaher Corp., a company with business units that include dental equipment, testing measurement gear and life-sciences and diagnostics equipment.
The company said Monday that H. Lawrence Culp Jr. will take over as chairman and CEO immediately. It is a privilege to be asked to lead this iconic company. "We remain committed to strengthening the balance sheet including deleveraging", Culp said in a comment.
GE's consistent downturn comes at a time of record growth for other companies, like Apple Inc. and Amazon.com Inc. Monday, becoming the first outsider to run the company in its 126-year history.
GE cited "weaker performance in the GE Power business" as one reason for the change at the top.
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GE also said it will take an impairment charge constituting almost all of the $23 billion of goodwill associated with its power segment, which has struggled with a downturn in the gas-turbine market. In a press release announcing the move, GE also said it would be taking a $23 billion non-cash charge for its power business and will miss profit expectations for 2018.
A goodwill impairment charge is a write-off used to balance a company's books when the recorded value of an asset or liability is determined to be greater than the fair value, according to Investopedia.
GE shares were trading at $12.60 shortly before 10.00am Eastern on Monday.