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GE's Flannery steps down as CEO, shares jump 15 percent

General Electric CEO John Flannery is seen at the company’s office in New York City, U.S., June 26, 2018. REUTERS/Alwyn Scott

General Electric Co Chief Executive Officer John Flannery abruptly stepped down on Monday just over a year after taking the role, and the company announced a $23 billion charge related to its struggling power business.

Flannery’s departure calls into question plans to reorganize one of America’s best-known corporations. He had promised to revamp GE into a leaner company by cutting jobs and shedding several businesses.

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