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Arunima Banerjee Business GE Jeff Immelt John Flannery 

GE’s new CEO Flannery to review portfolio with ‘no constraint’

June 12, 2017 By Alwyn Scott and Arunima Banerjee (Reuters) – General Electric Co’s incoming chief executive said he will conduct a swift review of the conglomerate’s business portfolio with “no constraint,” but signaled no major changes as the company sticks with its strategy of selling software-related services across its many divisions. The maker of jet engines, power plants, medical scanners and railroad locomotives on Monday named veteran insider John Flannery as its next CEO, taking over from longtime leader Jeff Immelt, who reshaped one of corporate America’s icons to…

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Arunima Banerjee Business GE Jeff Immelt John Flannery 

Jeff Immelt to retire as GE CEO, Flannery to succeed

June 12, 2017 (Reuters) – General Electric Co said Jeff Immelt would retire as chief executive and would be replaced by John Flannery, the head of GE healthcare, ending a years-long succession plan. Immelt, 61, will remain chairman through his retirement on Dec. 31. Flannery will take over as CEO, effective Aug. 1 and chairman following Immelt’s departure. The company’s shares were up 3.6 percent in premarket trading. Jeff Immelt, who took over from Jack Welch in 2001, has been credited with steering the company through the financial crisis, which…

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GM rebuffs two-class share plan from Einhorn’s Greenlight Capital

March 28, 2017 By Svea Herbst-Bayliss and Nick Carey (Reuters) – General Motors Co on Tuesday rejected a proposal by billionaire investor David Einhorn to split its common stock into two classes to help boost its share price. In a regulatory filing, the country’s largest automaker said that the proposal “would not help GM sell more cars, drive higher profitability, or generate greater cash flow.” Einhorn, who runs hedge fund Greenlight Capital, wants management to split its common stock into two classes: one that would receive the current dividends and…

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Einhorn’s Greenlight Capital urges GM to create two share classes

March 28, 2017 (Reuters) – David Einhorn’s hedge fund Greenlight Capital Inc urged General Motors Co to split its common stock into two classes, a proposal that was swiftly rejected by the carmaker. The company’s shares jumped 3.9 percent to $35.96 on Tuesday. Greenlight Capital said the move would help the carmaker improve its financial flexibility and boost the stock’s value. The plan would lower the company’s cost of capital and unlock between $13 billion and $38 billion of shareholder value, Greenlight Capital said. “Our plan … would provide the…

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