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GE ousts CEO John Flannery as it announces $23b writedown

FILE - In this June 26, 2018, file photo, General Electric Chairman & CEO John Flannery is interviewed on the floor of the New York Stock Exchange. Flannery out as chairman and CEO at General Electric after less than two years, Lawrence Culp Jr. takes over. After less than two years and a precipitous decline in the share price at General Electric, Flannery is being ousted as chairman and CEO. (AP Photo/Richard Drew, File)

Richard Drew/Associated Press/file

In a stunning move, Boston-based GE said it would replace Flannery after just over a year as it announced a massive writedown at its troubled power unit.

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