Boston’s biggest company is going to get considerably smaller under a turnaround plan that new General Electric Co. chief executive John Flannery spelled out Monday.
Flannery billed his changes as a reinvention aimed at putting GE back on a growth track, but he stopped short of making more dramatic changes that some on Wall Street had demanded.
Most of the storied conglomerate, whose roots extend to Thomas Edison, will remain intact, and the effect on Boston will be minimal. A small Boston-based enterprise that focuses on energy efficiency will probably be eliminated, however.
At his first big presentation to investors since taking the helm in August, Flannery said GE will focus on three key industries: aviation, including jet engines; energy equipment and services; and health care products such as MRI machines. It will divest a number of businesses, shrink its board of directors, and cut its dividend in half, just the second reduction since the Great Depression.
By Jon Chesto
Source: Boston Globe
The Food and Drug Administration’s top scientist Namandjé Bumpus will assume the role of principal deputy commissioner when longtime agency leader Janet Woodcock retires from that role in early 2024, according to an announcement Thursday.
US biopharma AbbVie has agreed to acquire ImmunoGen in a deal which values the company at about $10.1 billion and gives AbbVie access to flagship cancer therapy Elahere (mirvetuximab soravtansine-gynx), a first-in-class antibody-drug conjugate (ADC) approved for platinum-resistant ovarian cancer (PROC), as well as a pipeline of promising next-generation ADCs.
EUROAPI today announced the appointment of David Seignolle as Chief Operating Officer, succeeding Eric Berger, and Marion Santin as Chief Legal, Compliance, and IP Officer, both joining the company’s Executive Committee. In his new role, David Seignolle will lead the transformation of the Industrial Operations organization.
