General Electric CEO Larry Culpspeaks during a Bloomberg Television interview in New York, US, on November 9, 2021. Picture: BLOOMBERG/CHRISTOPHER GOODNEYWhen Larry Culp, the first GE CEO not to rise through its ranks, convened a board meeting earlier this month to greenlight the split of the industrial conglomerate into three companies, he secured its backing.
But it was Culp who managed to push through the ultimate untangling of GE, with a plan to break it up into three companies to house its healthcare, aviation and power businesses separately. General Electric chairman and CEO Larry Culp discusses the factors behind the decision to split the conglomerate into three separate companies on “Balance of Power.The idea to spin off healthcare was not new — Flannery had floated it publicly in 2018, but never got to see it through. Financial woes at GE’s power business escalated into a crisis that caused the company to miss many profit targets and cost Flannery his job.
Still, Culp wanted to pursue the idea, and pruned GE through other deals in the mean time. These included a $30bn merger of GE’s jet-leasing unit with Ireland’s AerCap, and the $21bn sale of the biopharma business to Danaher.
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