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
Monday, the French pharma giant officially moved into its new global home base in Paris, dubbed La Maison Sanofi. The 9,000-square-meter (about 96,875-square-foot) facility comprises two historic buildings and will host around 500 employees, the company explained in a release.
On the first day of the new year, former Sandoz chief Richard Francis will take the reins from Schultz, who is hanging up his CEO hat to retire on Dec. 31, Teva said Monday. The news comes a little more than two weeks after Teva publicly said it was looking for Schultz’s replacement.
General Electric Co. set the terms for the spinoff of its healthcare division, putting an initial value of roughly $31 billion on the soon-to-be-public company. The Boston conglomerate plans to split into three separate public companies by early 2024. Following the healthcare spinoff, it plans to separate its aerospace business from its power and renewable-energy units.
