Last month, Mr. Flannery announced plans for a slimmer, more focused G.E. Mr. Flannery, who took over in August, has called 2018 a “reset year.”“Flannery’s moves are the obvious, basic ones that he needs to play to turn G.E. But the Alstom unit “is also an asset that has a 20-, 30-, 40-year life to it,” said Mr. Flannery, who helped negotiate the acquisition. said the job cuts in the power business would help it save $1 billion as it moved to reduce costs by $3.5 billion this year. “This decision was painful but necessary for GE Power to respond to the disruption in the power market,” said Mr. Stokes.

Source: New York Times December 07, 2017 12:55 UTC