Out with Flannery, in with Larry Culp… of Danaher fame (I once almost went to Danaher, but that is a story for another time). Larry Culp did amazing things at Danaher… before becoming the CEO, and during a long stretch leading the company. Tremendous growth, excellent returns for shareholders. Then one day he left. Living the good life away from the pressures of a CEO, but still engaged in a variety of business and development pursuits. But now, suddenly, he is the CEO of the battered, listing and adrift vessel that is GE.
But what does this really mean? Larry Culp has previously fended off offers to captain another ship. Why GE, why now? The GE of old has been shattered. The massive debt limits opportunities for growth. Is he coming back for the short-term, to make the final painful slices?
Or, is this truly a signal that GE will flip the script and begin to grow again? If so, how? I keep hearing in people’s “Last Day at GE” messages, that so many extraordinarily talented people remain at GE. True. Yet I know that over the past 15 years, GE drove out some of the very, very best. Can Larry Culp turn the culture around?
“Don’t be afraid of opposition or to be alone in your convictions. If you believe it, actively pursue it!” – Larry Culp
Fifteen years ago, the type of people referenced by the quote above were plentiful at GE. But now?
All the more important for Larry Culp to come out aggressively and vocally… IF, the plan is to save and rebuild GE.