G.E. Cuts Dividend as New C.E.O. Moves to Streamline an Industrial Giant
- 7 years ago
G.E. Cuts Dividend as New C.E.O. Moves to Streamline an Industrial Giant
Last month, when G. E. reported disappointing financial results, Mr. Flannery said
that the company would sharpen its focus on fewer industrial businesses and shed at least $20 billion in assets over the next two years.
He grounded the corporate jet fleet, stretched out the construction schedule for G. E.’s new headquarters in Boston, closed down several international research-and-development labs
and trimmed the work force in units like GE Digital, the company’s ambitious effort to become an industrial-software powerhouse.
Besides Mr. Flannery and the company’s chief financial officer, Jamie Miller, executives from only two of the company’s units — jet engines
and electrical power generators — are scheduled to make presentations.
For his part, according to a report by The Wall Street Journal on Monday, Mr. Flannery is expected
to outline plans for three main businesses: aviation, power generation and health care.
The other businesses currently in G. E.’s portfolio include railway locomotives, lighting
and a majority stake in a major oil-field equipment company, Baker Hughes.
Last month, when G. E. reported disappointing financial results, Mr. Flannery said
that the company would sharpen its focus on fewer industrial businesses and shed at least $20 billion in assets over the next two years.
He grounded the corporate jet fleet, stretched out the construction schedule for G. E.’s new headquarters in Boston, closed down several international research-and-development labs
and trimmed the work force in units like GE Digital, the company’s ambitious effort to become an industrial-software powerhouse.
Besides Mr. Flannery and the company’s chief financial officer, Jamie Miller, executives from only two of the company’s units — jet engines
and electrical power generators — are scheduled to make presentations.
For his part, according to a report by The Wall Street Journal on Monday, Mr. Flannery is expected
to outline plans for three main businesses: aviation, power generation and health care.
The other businesses currently in G. E.’s portfolio include railway locomotives, lighting
and a majority stake in a major oil-field equipment company, Baker Hughes.