Sad. GE a Bad Penny – Massachusetts’ Problem Now!

General Electric Ousts CEO As Company Continues To Struggle Since Move From Connecticut

BY Associated Press in Hartford Courant:

Flannery, who grew up in West Hartford, took over for longtime CEO Jeff Immelt in June 2017 with the company trying to re-establish its industrial roots, albeit a high-tech version of itself. He took over GE shortly after the company relocated to Boston, departing Connecticut amid controversy over whether the state is hostile to business.

Despite the negative publicity for Connecticut, GE has struggled since it left Fairfield for Boston’ Seaport District.

Flannery has restructured the multinational conglomerate, its value has dipped below $100 billion and shares are down more than 35 percent this year, following a 45 percent decline in 2017.

The company was booted from the Dow Jones Industrial Average this summer and last month, shares tumbled to a nine-year low after revealing that is marquee gas turbine was flawed, an ‘oxidation issue,” forcing the shutdown of a pair of power plants where they were in use.

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