General Electric Announces Plans To “Transform” The Company
By Isabella Pelletiere 11/13/17
General Electric is announcing plans that will transform the company. CEO John Flannery announced that his plan to restructure the company would stop the free fall from the company’s stock price. Recently, GE’s shares have dropped 40 percent, and the company has lost more than 80 billion in market value. Flannery has acknowledged that the company’s cash flow has stopped, but the problems go beyond financial.
“We need to make some major changes with urgency and depth of purpose,” Flannery said last month when the GE’s dismal third-quarter results were announced.
General Electric operates in 170 countries and employs 295,000 workers.