GE rolls back breadth of future ambitions
JOHN Flannery, the new chief of General Electric, is backing away from the ambitious designs of his predecessors, who steered the corporate giant and its conglomerate-style empire building for over three decades. Flannery, who became chief executive in August, left no doubt on Monday that the conglomerate era is long gone. The new GE, he declared in his first detailed presentation on its future, will be a smaller company. The operations up for sale include businesses that reach back to the days of GE’s founder Thomas Edison, like light bulbs and railroad locomotives. More than $20 billion in assets are earmarked for sale.