GE changes continue with new CFO, vice chair departures

GE changes continue with new CFO, vice chair departures

The change is part of the most sweeping moves yet under new Chief Executive John Flannery and takes effect next month.

With a new leadership now at the helm, the USA industrial giant General Electric is reportedly planning to slash its upcoming financial targets by selling off assets from lighting to power conversion and even the locomotive division.

Garden, who works closely with Trian's Nelson Peltz, will replace Robert Lane on the board, GE said in a statement Monday. He is also expected to next month outline his plans for a potential overhaul of the company's portfolio, which includes jet engines, gas turbines, locomotives and ultrasound machines.

Beth Comstock has led GE's efforts to accelerate new growth through GE's Business Innovations unit. "He's holding people accountable".

Jamie Miller, who heads GE Transportation, was appointed CFO.

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Miller, 49, has also served as GE's chief information officer and chief accounting officer.

"Jamie's deep experience in finance, digital technology, and business operations make her the right person for this role as GE continues to transform into a digital industrial company", Flannery said. Earlier, in August, the company had appointed John Flannery as its new CEO. Bolze went on to join Blackstone Group.

"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. GE already has signaled that a current EPS goal of $2 for 2018 may be too high.

Industry experts believe that Flannery's moves to "turn the ship around" are fraught with a dividend cut at GE, which in turn crushes the company stocks.

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