American Industrial giant General Electric has ousted John Flannery as Chief Executive Officer in just 14 months. Announcing the new CEO, the company said that H. Lawrence Culp, Jr. has been named Chairman and Chief Executive Officer of the Company by a unanimous vote of the GE Board of Directors, effective immediately.
Additionally, the GE Board has appointed Thomas W. Horton as Lead Director. Mr. Culp and Mr. Horton have been members of the Board since April 2018. Mr. Culp will succeed John Flannery as Chairman and CEO.
Lawrence Culp has served as Chief Executive Officer and President of Danaher Corporation from 2000 to 2014. During his tenure he led the highly successful transformation of the company from an industrial manufacturer into a leading science and technology company.
Commenting on his new role, Culp said, “GE remains a fundamentally strong company with great businesses and tremendous talent. It is a privilege to be asked to lead this iconic company. We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency.”
Under his leadership, Danaher executed a disciplined capital allocation approach, including a series of strategic acquisitions and dispositions, a focus on investing for high-impact organic growth and margin expansion, and delivering strong free cash flow to drive long-term shareholder value. During his 14 years at the head of Danaher, the company’s market capitalization and revenues grew five-fold.
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