Summary article:
GE announced plans for a major restructuring, including halving its dividend — for the third time in the company’s 125-year history — and focusing on its health care, energy, and aviation divisions. In a presentation to investors, the industrial giant also said it would cut its board from 12 to 8 and reiterated CEO John Flannery’s promise to exit over $20 billion in assets. The dividend cut to 12 cents per share could scare off shareholders, CNBC notes, but would “free up much needed capital to fund a turnaround for the one-time American bellwether.” GE’s shares have plummeted 35% this year.
