Embattled US engineering giant General Electric on Monday removed its CEO and warned it would fall short of its 2018 earnings guidance as the conglomerate's cash flow struggles continue. H. Lawrence Culp is taking over immediately as chairman and CEO to replace John Flannery, with the latter stepping down after barely more than a year in his position, the firm said in a statement. The company said because of weaker performance in the GE Power business, the company would fall short of previous profit guidance for this year.
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