Culp’s predecessor, John Flannery, lasted just 14 months.
Related: General Electric CEO John Flannery On New GE Strategy
GE’s Fall From Grace
Last year, shares of GE took a hit when a turbine issue was purportedly discovered by one of its customers, energy company Exelon, citing an “oxidation issue” with the turbine’s fan blades at two plants located in Texas. As a result of the issue, the operation life of the turbines were compromised, forcing a shutdown of the plants, which apparently is not the first time this occurrence has taken place.
GE has experienced an unceremonious fall from grace since its days when its market value was close to $600 billion in August 2000. Since then, its value has nosedived, particularly after the financial crisis in 2009, but has come back to as much as $300 billion by December 2015.
Since then, however, GE is struggling to recapture investor confidence since January 2017 when its shares were trading at about $31 per share–the stock is currently trading at $10.36 a share as of 11:00a.m. ET.
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