Under long-serving CEO Jeff Immelt, GE continues its major transformation to refocus on its bedrock industrial businesses and distance itself from the legacy of Immelt’s legendary predecessor, Jack Welch. The company faced headwinds in 2016 and earnings for its Oil and Gas business dropped 37% year over year as the rest of the portfolio rose 8%. “We simply couldn’t outrun pressure in resource markets,” Immelt acknowledged, even though the company’s greatest race is to turn its staple industrial businesses, from locomotives to jet engines, into high-growth opportunities. In August, Immelt handed over the CEO reins to John Flannery to continue GE’s transformation. GE was founded in 1892 and is headquartered in Boston.
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This is your Data Sheet for Friday, May 25, 2018.