General Electric Company (GE) is selling its GE Industrial Solutions unit to ABB Group, a Swiss engineering organization. This is the first major deal to take place under new GE CEO John Flannery, who took over the position on August 1.
The recent handoff of corporate leadership at General Electric from former CEO Jeff Immelt to new CEO John Flannery represents a totally different situation from when Immelt took over from the business icon Jack Welch on September 7, 2001.
Mr. Immelt, facing the legacy of the legendary Welch, could do little or nothing for a long time to alter the structure of the General Electric he inherited. His first acquisition did not take place until 2004, and his first divestiture did not occur until 2007. Then, he had to deal with the Great Recession.
