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GE Abruptly Replaces CEO John Flannery

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GE Abruptly Replaces CEO John Flannery
Larry Culp will take his place.
SHOW TRANSCRIPT

General Electric unexpectedly dropped its CEO on Monday.

John Flannery had only been in the role for about a year before his ousting. He took over as CEO in 2017 after his predecessor, Jeffrey Immelt, retired.

GE has struggled to appeal to investors over the years, and Flannery was expected to turn that around. But multiple outlets report the company's board of directors was unhappy with how slowly he was implementing change.

Larry Culp, former CEO of Danhaher Corp., was named as Flannery's replacement. 

GE's shares climbed following the announcement on Monday.

Additional reporting from Newsy affiliate CNN.