In Surprise Move, Flannery Out As CEO Of GE

05:00

October 01, 2018

Jamie Bologna
Deborah Becker
Bruce Gellerman

General Electric Chairman and CEO John Flannery. The company announced Monday, Oct. 1, that he would no longer serve his positions. (Richard Drew/AP)

In a surprise announcement, General Electric announced Monday that John Flannery is out as chairman and CEO of the company. Flannery had only been on the job for about a year. He restructured the company, but GE's value has dipped below $100 billion and shares are down more than 35 percent this year.

GE said H. Lawrence Culp Jr., the former CEO and president of Danaher Corp., will take over as chairman and CEO immediately.

What does this means for the company, and for Boston — where GE moved its world headquarters just two years ago?

Guest

Bruce Gellerman, WBUR Bostonomix reporter. He tweets @audiobruce.