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Articles for Culp, search results for division

GE to end its run as a conglomerate, split into 3 companies
3 years, 2 months ago

GE to end its run as a conglomerate, split into 3 companies

Associated Press  

General Electric, the storied American manufacturer that struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, health care and energy. “The strategic rationale is clear: three well-capitalized, industry leading public companies, each with deeper operational focus and accountability, greater strategic flexibility and tailored capital allocation decisions,” wrote …

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GE earnings: Nearly $1 billion was wiped out by coronavirus
4 years, 8 months ago

GE earnings: Nearly $1 billion was wiped out by coronavirus

CNN  

New York CNN Business — General Electric’s turnaround has been disrupted by the coronavirus pandemic. The conglomerate said Wednesday it burned through $2.2 billion of cash during the first quarter as its jet engine business got slammed by a “rapid decline” in global commercial aviation orders in March. Yet GE’s industrial free cash flow burn rate nearly doubled during the …

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GE warns of bleak 2019 but promises a brighter future
5 years, 9 months ago

GE warns of bleak 2019 but promises a brighter future

CNN  

New York CNN Business — General Electric warned on Thursday that 2019 will be another brutal year, but CEO Larry Culp vowed to confront the storied conglomerate’s problems “head on.” Dragged down by its beleaguered power division, GE is bracing for up to $2 billion of negative free cash flows from its industrial businesses. GE reiterated in a presentation to …

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GE pays $1.5 billion to finally resolve subprime loan allegations
5 years, 11 months ago

GE pays $1.5 billion to finally resolve subprime loan allegations

CNN  

New York CNN Business — Wall Street is betting the worst may finally be over for General Electric. “It’s a start, but we have much more work to do.” Power problems linger GE Power, which makes turbines used in natural gas and coal power plants has been the company’s biggest problem for years. “Fixing power will take time,” Culp said, …

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General Electric shakes up power unit leadership, taps retired executive to help
6 years, 1 month ago

General Electric shakes up power unit leadership, taps retired executive to help

Live Mint  

General Electric Co shook up its ailing power business again on Monday, naming a CEO for its new gas-power division and bringing a veteran GE executive back from retirement to help. Rice’s “knowledge of GE’s gas customers and management experience” will help him provide “mentorship” to the new gas power leaders and “position this business and the team for success,” …

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