General Electric is transforming itself urgently after its share price collapsed in 2017 and continued to fall into 2018. Longtime CEO Jeff Immelt stepped down in October 2017, and his successor, company veteran John Flannery, has promised major changes, saying “everything is on the table,” including a possible break-up. Most troubled now is GE’s largest business, which makes and services giant turbines for electric utilities; orders and profits plunged in 2017, and Flannery has set expectations low for 2018. But he says GE’s problems extend beyond any one business and include capital allocation, culture, and execution–big factors to try to reform.
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General Electric is going to pay back $87 million to Massachusetts after downgrading plans for its Boston headquarters.
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Incentives and subsidies have a poor history of effectiveness in economic development.
GE's revenue beat analyst estimates, thanks to growth in its aviation and renewable-energy units.