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GE names Lawrence Culp as chairman and CEO

Photo: Smith Collection/Gado/Getty Images

General Electric has named Lawrence Culp as its new chairman and CEO, replacing John Flannery, who took the reins just last year. Simultaneously, the company announced that GE Power would take an approximately $23 billion "non-cash goodwill impairment charge," though that remains subject to review.

Our thought bubble from Axios' Dan Primack: Flannery's relatively short tenure was best-known for getting rid of things. Now he's gone too, after revealing a stunning $23 billion non-cash charge for its power business.