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General Electric has a new leader—again. After just over a year with CEO John Flannery at the helm, the company’s board of directors has decided to implement a new leader, H. Lawrence Culp, Jr., as GE’s power business continues to show “weaker performance” with GE failing to meet its profit and cash-flow goals for the year.
“GE remains a fundamentally strong company with great businesses and tremendous talent,” said Culp, who will take the reins as CEO and chairman from Flannery immediately, in a statement.
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