BOSTON — General Electric Co. is signaling it may undergo a more comprehensive transformation, a decade after breaking off substantial pieces of the multinational conglomerate in bid to a return it to its industrial roots. CEO John Flannery, who was put in charge of reviving the company last summer, on Tuesday revealed significant issues with GE Capital’s insurance portfolio that will lead to a $6.2 billion after-tax charge in the fourth quarter. GE Capital, the company’s finance division, will also suspend its dividend to the parent company for the foreseeable future. Flannery called the developments “deeply disappointing.” “It’s especially frustrating to have this type of development when we’ve been making progress on many of our key objectives,” he said in a conference call with investors. Flannery has said he wants GE to be a smaller and more focused, concentrating on three divisions: energy, aviation and health care.
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Associated Press, The Columbian
Tue, 01/16/2018 - 6:03pm
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