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In early October, the troubled industrial conglomerate General Electric announced that it was replacing John Flannery's chief executive officer by H. Lawrence Culp Jr. The decision to dismiss Flannery, who had held this position for less than two years, was apparently motivated by the frustration of the board of directors. with the slow pace of change under his mandate.
Here's what you need to know about the new CEO:
1. Culp has proven itself:
From 2000 to 2014, Culp held the position of CEO of Danaher Corporation. During this time, he helped orchestrate the company's transformation from an industrial manufacturing conglomerate into a leading science and technology company, multiplying by five the market capitalization and revenue growth of the company, according to BusinessWire.
2. He is a known entity in the business world:
In 2014, Harvard Business Review ranked Culp among the top 50 CEOs in the world. GE's shares climbed more than 7% following the announcement of Culp hiring, with Wall Street analysts widely expressing confidence in its ability to improve GE's performance.
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3. It has links to the Boston area:
Culp studied at Harvard Business School where he earned an MBA in 1990. After his resignation from Danaher, he was a senior lecturer at Harvard. Culp will be based at GE's new headquarters in Boston, Fort Point, according to the Boston Globe.
4. He rose through the ranks at Danaher to become CEO, along with legendary CEO Jack Welch at GE:
Culp joined Danaher in 1990 and spent the first 24 years of his career with the company. He became president in 1993, executive vice president in 1999, and in 2001 he was appointed chief operating officer and then chief executive officer, according to Culp's biography at Harvard. Former GE CEO Jack Welch also held the position he held after 21 years with the company. He was a first time chemical engineer.
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