Multinational energy conglomerate General Electric (GE) has removed chief executive John Flannery as the firm’s financial woes worsen.
Mr Flannery’s replacement, H. Lawrence Culp Jr, will move into to role of chairman and chief executive immediately.
Mr Culp, who was chief executive at Danaher Corp for 14 years, was approved by a unanimous board decision.
GE will also bring in Thomas Horton as director.
GE announced plans in June to “fully separate” from the oilfield services subsidiary Baker Hughes, a GE company (BHGE), formed following a £23 billion deal just over a year ago.
Houston-based BHGE is now being sold as part of GE’s ambition to create a leaner corporate structure and cut its substantial debt.
GE confirmed it would divest its 62.5% interest in in “an orderly manner over the next two to three years”.
GE Oil and Gas merged with Baker Hughes, which has a large presence in the north-east, to become BHGE.