Problems at GE power unit prompt CEO shuffle, major impairment charge

first_img FacebookTwitterLinkedInEmailPrint分享Business Insider:John Flannery is out as the head of General Electric after just more than a year at the top of the company. He will be replaced as chairman and CEO by H. Lawrence Culp Jr., who served as the CEO and president of Danaher Corporation from 2000 to 2014. Culp has been a GE board member since April. GE shares are up more than 13% on the news.GE said it would take a $23 billion goodwill charge for its power business. “GE expects to take a noncash goodwill impairment charge related to the GE Power business,” a company release said. “GE Power’s current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance.”In its second-quarter earnings report, the company said profit from its power business dropped 58%, but it was able to match expectations with solid earnings growth in its aviation and healthcare businesses. Flannery said he expected the power business to “remain weak through 2020.”The conglomerate also warned that it would miss its 2018 earnings guidance. In July, the company reiterated it expected to see adjusted earnings of $1 to $1.07 a share. “While GE’s businesses other than Power are generally performing consistently with previous guidance, due to weaker performance in the GE Power business, the company will fall short of previously indicated guidance for free cash flow and EPS for 2018,” the release said.More: General Electric removes John Flannery as CEO, says it will take a $23 billion charge to its power business Problems at GE power unit prompt CEO shuffle, major impairment chargelast_img read more

Jalissa Trotter tallies game-high 35 assists in Syracuse loss to Grand Canyon

first_imgSantita Ebangwese’s kill that evened the score at in the second set was emphatic, but not as emphatic as the roar she let out to hype up her team to a second set victory. Ebangwese, a junior middle blocker, tallied 13 kills in Syracuse’s (1-1) four-set defeat to Grand Canyon (1-0) Friday night, a loss attributed to unforced errors and lack of communication.But junior setter Jalissa Trotter shined Friday night at the Women’s Building. Trotter tallied 35 assists, 30 more than her next-highest teammate and 24 more than her tally against Siena earlier in the day, an SU victory.“My mindset was different,” Trotter said. “I think I did a better job preparing mentally”.Trotter’s service fueled SU’s second and third sets. She assisted her two main hitters, Ebangwese and freshman Ella Saada, a combined 13 times. Then she dominated in the third and fourth sets, both of which Grand Canyon won.“We definitely had really nice runs,” Ebangwese said. “The only thing that killed our momentum were unforced errors.”AdvertisementThis is placeholder textAlly Moreo | Photo EditorIntensity was at its highest late in the second and third sets, when GCU and SU traded points until one of the two finally elongated their lead to two points to win the set.SU had nine fewer kills than Grand Canyon. The ‘Lopes boasted a hitting percentage of .239, while the Orange posted an inferior .175. Trotter was supplying, but her hitters did not convert at a consistent enough rate.Trotter’s consistent service will not lead to success without consistent hitting, said head coach Leonid Yelin. Yelin said he believed his team was trying to execute individually rather than collectively.Trotter hopes to keep her consistency and assist numbers up, which she failed to do after a  45-assist showing against Colgate in the second game last season. The next two games, the then-sophomore recorded just nine total assists, a drop-off she will seek to avoid. Comments Facebook Twitter Google+ Published on August 25, 2017 at 11:18 pm Contact David: ddschnei@syr.edulast_img read more