After just over a year and declines on several fronts at General Electric, John Flannery has been ousted as the leader of the century-old company. Flannery faced a titanic task in redirecting General Electric, which was founded in 1892 in Schenectady, New York. Just six months after taking over as CEO, Flannery said the company would be forced to pay $15 billion to make up for the miscalculations of an insurance subsidiary. But the economic crises revealed how unwieldy General Electric had become, with broad exposure damage during economic downturns. Shares of General Electric Co., based in Boston, surged almost 15 per cent at the opening bell on news of the new leadership.

Source: CBC News October 01, 2018 15:11 UTC