General Electric Co Chief Executive Officer John Flannery abruptly stepped down on Monday just over a year after taking the role, as the company warned it would fall short of its 2018 earnings guidance due to cash flow issues in its GE Power division.
Flannery on the same day said that GE might take the radical step of splitting up the main company's three main components - aviation, health care and power - into separate businesses. More than 90 percent of the transactions Culp oversaw at Danaher were company takeovers, according to data compiled by Bloomberg.
GE has endured a hard year in which it has lost more than half of its stock market value and been ejected from the Dow Jones Industrial Average after more than a century's membership.
In a statement, Culp called his new position a "privilege" and said that he plans to "move with urgency" to address the company's woes.
While noting that while Culp has work to do, "I wouldn't want to bet against Larry", Davis added.
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"GE remains a fundamentally strong company with great businesses and tremendous talent, " Culp said Monday in a statement. The operation has struggled with a downturn in the gas-turbine market.
Recently, investors and other members of the financial community have been concerned about John Flannery's ability to lead GE as the company seems to be headed in the wrong direction. The stock has more than halved since Flannery took the top job in August a year ago. The company said it would take a non-cash charge related to that division.
GE traces its roots to Thomas Edison and the invention of the light bulb, and the company grew with the American economy. So, by putting an end to Flannery's almost 2 year tennure at the company and bringing a trusted leader on board to replace him, the company has excited investors. The Dow Jones Industrial Average removed GE from the blue-chip index last June, citing the company's poor performance.
Last week the company's market value fell below $100 billion for the first time since March 2009. He previously served as CEO and president at the conglomerate Danaher between 2000 and 2014.