GE Names Lawrence Culp, Jr. CEO; Company To Fall Short Of 2018 Earnings Guidance

(RTTNews) - GE (GE) announced that Lawrence Culp, Jr. has been named Chairman and Chief Executive Officer of the company, effective immediately. The GE Board has appointed Thomas Horton as Lead Director. Culp and Horton have been members of the Board since April 2018. Culp will succeed John Flannery as Chairman and CEO.

The company said, while GE's businesses other than Power are generally performing consistently with previous guidance, due to weaker performance in the GE Power business, the company will fall short of previously indicated guidance for free cash flow and EPS for 2018. Also, GE expects to take a non-cash goodwill impairment charge related to the GE Power business.

GE Power's current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance.