Flannery could have kept his job (and may be Stokes and others too) if they listened to this guy who warned about it back in January 2018.
The problems with GE can be explained by the sheer lack of accountability if you know the right people, both at top and middle layers.
https://www.bloomberg.com/amp/gadfly/articles/2018-01-22/ge-alstom-writedown-could-be-next-shoe-to-drop
Boltz wanted the CEO job, that's why.
https://www.iea.org/publications/renewables2017/
70% in 2017 of new capacity addition is renewables. This has been steadily increasing and prices steadily dropping. Why was power denying reality? Just to keep the jobs.
Interesting article in the Financial Times about how GE's $10B purchase of Alstom could lead to a $23B writeoff.
https://www.ft.com/content/9beb58f4-c756-11e8-ba8f-ee390057b8c9
Clearly a brilliant deal by Immelt and Co. Of course, at the time, the financial press loved it:
https://www.thestreet.com/story/13385910/1/why-ge-s-10-billion-alstom-purchase-is-its-best-deal-in-a-century.html
Makes you wonder if some of the analysts have any clue what they are talking about?
In the people leaders meeting Stokes said he was asked to stay. I'm guessing cuz nobody wants the job.....
The clock is ticking for Stokes. Only days before he gets fired. What a clown this guy is. The earlier he goes the better GE will be...
Exactly. Back in Jan 2018, analysts like Brooke could see this big writedown coming due to Alstom goose egg.
Question is why didn't the management see it? $23B is real money, even in good old days.
The article is dated Jan 2018
Flannery was fired because the market wanted a sign that GE was going to turn around. He didnt act with enough urgency for the situation. He was doing slow and steady, Healthcare style. The board sacrificed him and Culp was planted by Trian as a trojan horse as part of their take over.
Flannery was fired because HR is intimidated by leaders and won't promote leaders. Flannery failed due to an inability to lead and also put HR in its place.
test
Brooke Sutherland is a woman not a guy
Copied from another post -
Flannery was fired because he failed to see the forest for the trees. He represents the disconnected leadership that rakes in $Millions from the sweat and sacrifices of the floor level employees. He was not fired because of the slow pace of layoffs and cost reduction. Flannery was fired because he failed to see the $Billions and $Billions in write down from the Power Division. Stokes is next. Stokes only remains today to allow Culp to select the new leadership for Power. The new Power leader will restructure like Power has never seen before. Layoffs will be massive. France will close because the new leaders have to show strength against the French government. Old leaders caused the mess with France. Culp is about to start mopping the mess. The algorithm will be the same as always with GE, lay-off as many employees as possible. GE has the mentality that everybody is replaceable and if needed in the future, they will simply hire new people. GE leaders have no loyalty and appreciation for the sweat and sacrifice we have made for many years. Too disconnected to understand or care