Power failure at GE

Blue-chip conglomerate GE has fired its CEO after only 14 months at the helm. The move follows years of turmoil. Marina Gerner reports.

916_MW_P06_Shares

Flannery: unexpected dismissal from GE
(Image credit: 2011 Bloomberg)

"Every time GE seems to turn the corner, there is a bus to smash into," says Lex in the Financial Times. So the industrial conglomerate's new CEO, Larry Culp, should know that his is a "precarious appointment". It follows the unexpected dismissal of John Flannery, just 14 months into his role. He was booted out shortly after the US conglomerate warned that its struggling power business would cause it to miss its profit forecast. Flannery's time at the helm of GE was the shortest of any leader in its 126-year history.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
CompanySectorShort interest on 3 Oct (%)Short interest on 28 Aug (%)
Pets at HomePet retailers13.4513.21
DebenhamsGeneral retailers12.3411.76
The Restaurant GroupRestaurants11.5812.98
Kier GroupConstruction10.96NEW ENTRY
Marks & SpencerGeneral retailers10.8610.04
IQESemiconductors10.6012.27
Ultra ElectronicsDefence9.859.32
Arrow Global GroupFinancial services9.35NEW ENTRY
Anglo AmericanMining9.179.38
PearsonPublishing9.11NEW ENTRY

Marina Gerner is an award-winning journalist and columnist who has written for the Financial Times, the Times Literary Supplement, the Economist, The Guardian and Standpoint magazine in the UK; the New York Observer in the US; and die Bild and Frankfurter Rundschau in Germany.

Marina is also an adjunct professor at the NYU Stern School of Business at their London campus, and has a PhD from the London School of Economics.

Her first book, The Vagina Business, deals with the potential of “femtech” to transform women’s lives, and will be published by Icon Books in September 2024.

Marina is trilingual and lives in London.