GE's new CEO slashes quarterly dividends, splits up power business

General Electric will split up its struggling power business and further slash its quarterly payouts to investors, CEO Larry Culp said on Tuesday, while announcing earnings that came in below analyst expectations.

Why it matters: Larry Culp stepped in as CEO less than a month ago, and he's making the first of what’s sure to be many changes to turnaround the 100-year-old conglomerate. After the announcement, shares of GE fell below $10 per share for the first time since 2009, according to CNBC.