The Wall Street Journal reported GE’s new CEO John Flannery has already begun cutting the corporate perks initiated by his predecessor, Jeff Immelt. corporate staff cuts are pending.
President and CEO of GE Healthcare John Flannery was named Chairman and CEO of GE, replacing retiring Jeff Immelt. Flannery has experience leading elements of GE Capital and GE Equity.
Keith Sherin will retire from his post as GE vice chairman and GE Capital chairman and CEO on December 31. He will be replaced by Richard A. Laxer, current GE Capital international president and CEO.
State Street will acquire GE Asset Management, GE’s investment management arm, for up to $485 million, subject to adjustments. The sale is expected to close in Q3/16.
GE will relocate its corporate headquarters to Boston from Fairfield, CT. The move is expected to begin in the summer of 2016 and finish by 2018.
The board of directors of GE raised the company’s quarterly dividend 5%, or $0.01 per outstanding share of the company’s common stock, to $0.23 per outstanding share of the company’s common stock.
The Wall Street Journal reported that GE chief executive Jeff Immelt said at an industry conference in Florida that GE Capital will be reduced to less than half its pre-crisis size by the end of 2014.
In his annual letter to shareholders, GE CEO Jeff Immelt said, We will purposefully reallocate capital from financial services to infrastructure our goal is to have infrastructure earnings reach 70% of our total over time.