But CEO John Flannery is already signaling his intention to forge one of the most sweeping makeovers in the company's 125-year history.
GE, a maker of aircraft engines, locomotives, power plants and other industrial equipment, also announced on Friday that two other vice chairs, Beth Comstock and John Rice, will be retiring from the company, effective December 31.
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GE closed Friday's trading session at $24.39. He's also expected to outline his plans next month for a potential overhaul of the company's portfolio, which includes jet engines, gas turbines, locomotives and ultrasound machines. Comstock, who has led efforts to accelerate new growth and helped spearhead digital innovation, will leave at the same time. "He's holding people accountable".
But analysts said the real surprise was the announced retirement of CFO Jeff Bornstein, who will be succeeded by Jamie Miller, an executive who most recently ran GE's Transportation business. A company spokeswoman said that Immelt felt Flannery was prepared to take over the role of chairman. Bolze went on to join Blackstone Group.
Flannery, who last week also took on the chairman title, may be poised to slash earnings expectations when he presents plans to revitalize the beleaguered manufacturer at a meeting scheduled for November 13.
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Globalized corporate capitalism is the successor regime to European and USA colonialism, with the same goal of wealth extraction. These locations point to the subjugation of Native Americans that started with Columbus arrival.
"Not only is the baseline of the now hotly debated "reset" likely lower, but what we think investors are ignoring is the trend line on the businesses, some of which have secular issues (i.e. implications for multiple), a hole that is unlikely to be dug out of with simple cost cuts alone", JPMorgan's Stephen Tusa and his team wrote in a Monday note.
On Monday, GE said Edward Garden of the activist hedge fund Trian Partners will take the seat on its board occupied by Robert Lane, a former CEO of Deere & Co. who has retired from GE's board after 12 years.
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