General Electric Co. ousted Chief Executive Officer John Flannery in a surprise move on Oct. 1 replacing him with outsider and board member Larry Culp, and said it would take a roughly $23 billion charge to write off goodwill in its power division, primarily from a large 2015 acquisition.
The struggling energy, health, and transportation conglomerate also said it would fall short of its forecast for free cash flow and earnings per share for 2018 due to weakness in its power business, something analysts had expected.
