"Larry Culp's appointment as CEO in October 2018 marked a historic moment for General Electric, as he was the first outsider to lead the company in its 126-year history."
"Upon taking the helm, Culp inherited a dire situation, with GE's stock having plummeted 45% in 2017 and an additional 58% in 2018."
"The company's financial health was alarming, as its debt load far exceeded its market capitalization, and its credit rating was sliding toward junk."
"Once the most valuable company in the world at $594 billion in 2000, GE was now viewed by Wall Street as experiencing a slow-motion collapse."
Larry Culp became the CEO of General Electric in October 2018, marking the first time an outsider led the company in its 126-year history. He faced a significant crisis, with GE's stock dropping 45% in 2017 and another 58% in 2018. The company's debt was far greater than its market capitalization, and its credit rating was nearing junk status. Once valued at $594 billion in 2000, GE was now perceived as undergoing a slow-motion collapse by Wall Street.
Read at Harvard Business Review
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