The Boston-based company said that alongside the switch in the corner office, it does not expect it will meet its guidance for free cash flow and earnings per share for the year, and that it expects to take a non-cash goodwill impairment charge related to its GE power business.
The power division’s goodwill balance is approximately $23 billion, and it said it expects the impairment charge “is likely to constitute substantially all of this balance.” GE said that it will provide additional comment when it reports its third quarter earnings.
During their 14-years at Danaher, GE said that Culp executed a “capital allocation approach,” including a series of acquisitions and dispositions, with a focus on investing for high-impact organic growth.
The mega-conglomerate also said that its board of directors also named former American Airlines chair and CEO Thomas Horton as its lead director.
“GE remains a fundamentally strong company with great businesses and tremendous talent. It is a privilege to be asked to lead this iconic company. We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency. We remain committed to strengthening the balance sheet including deleveraging. Tom and I will work with our board colleagues on opportunities for continued board renewal. We have a lot of work ahead of us to unlock the value of GE. I am excited to get to work,” Culp said in a prepared statement.
“Larry Culp has a proven track record in company transformation and delivering shareholder value. He is a strong leader with deep knowledge of industrials and technology, and an intense focus on execution, organization, and talent development. The board looks forward to working with Larry and his team to return GE to growth and long-term success. On behalf of the board, I thank John for his significant contributions and long service to GE,” Horton said in a press release.
Shares in GE have risen today in response to the news, up 12.5% at $12.70 as of 10:26 a.m. EDT.
Medacta said today it is moving current exec VP Francesco Siccardi to the corner office, taking over the CEO role from founder Dr. Alberto Siccardi, who will remain as board president, as of November 1.
Francesco Siccardi has served as exec VP at Medacta since 2010, and was the “driving force behind the creation of the Medacta spine and sports medicine divisions,” the company said.
“It has been tremendously gratifying to see Medacta’s focus on medical education and sustainability resonate with surgeons and healthcare organizations around the world and to know that, together, we have changed orthopedics for tens of thousands of patients and their families. Medacta’s continued growth and prosperity make this an opportune time to transition to the next generation of the company’s leadership. With a deep understanding of both the technical and commercial sides of our business, Francesco is the right person to lead Medacta into the next phase of its evolution,” Dr. Alberto Siccardi said in a prepared statement.
“Medacta was borne out of my father’s experience as a patient, when he realized that orthopedic care should and could be better for both patient and surgeon alike. The company’s success is testament to that initial vision, and to the hard work behind it,” said Francesco Siccardi. “Over the past twenty years, Medacta has opened hundreds of surgeon learning centers, expanded into several new surgical disciplines, supported research efforts around the world, and changed the face of orthopedics in the process. The future is bright, and I am ecstatic to lead our talented Medacta team toward it,” Francesco Siccardi said in a press release.
During their 25 years in global finance, Garland has held positions with large companies including GE and Tiffany & Co. Garland is currently serving as global sales CFO and divisional VP with Tiffany & Co.
“I am excited to have Jason join the Integer team, and look forward to working with him again as we partner to execute our portfolio and operational strategy. He brings the skills and experience necessary to lead our Finance and IT organization to achieve excellence in supporting our strategy to realize our vision of enhancing patient’s lives,” prez & CEO Joe Dziedzic said in a prepared statement.
Reinvent Biologics said today it named Dr. David Drez Jr. as its new chief medical officer.
Before joining Fort Worth, Texas-based Reinvent Biologics, Dr. Drez served for 37 years as a team physician at McNeese State University, and has also served as a clinical professor of orthopedics at New Orleans’ Louisiana State University School of Medicine and a clinical assistant professor of orthopedic surgery at Houston’s Baylor College.
“Dr. Drez has spent his career sharing his knowledge and experience with future generations of physicians. He is a man of great character with a passion to teach. Throughout his distinguished career, he has elevated the standard of care provided to the patient. With such a great amount of research coming out on regenerative medicine, Dr. Drez will put us in a position to digest the data and effectively disseminate the knowledge to our distributors and customers,” CEO Bryant Gaines said in a prepared release.
“Working with Reinvent Biologics will give me the opportunity to connect orthopedic medicine and regenerative medicine. It’s the right time to increase awareness of the true benefits of regenerative medicine,” Drez said in a press release.
TriSalus Life Sciences said last week it appointed Anni Goldberg as its general counsel.
“Anni has already made important contributions to our company in her capacity as outside counsel, leading efforts to register and do business as TriSalus Life Sciences, globally. Her problem-solving capabilities and pragmatism are important attributes as we advance our strategy and prepare for a strong future,” CEO Mary Szela said in a prepared statement.
“The most inspiring aspect of this role is the ability to transform how we treat cancer care by integrating new technologies to deliver better outcomes on behalf of patients and their families. I’m thrilled to advance the mission of TriSalus knowing we have an ability to make a difference,” Goldberg said in a press release.