FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California, U.S., April 13, 2016. REUTERS/Mike Blake/File Photo
(Reuters) – General Electric Co (GE.N) slashed its quarterly dividend to just 1 cent per share and said it was reorganizing its power unit into two businesses as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate.
GE reported a $22.8 billion loss for the third quarter on Tuesday due to a writedown in the value of its GE Power business.
“My priorities in my first 100 days are positioning our
businesses to win, starting with Power, and accelerating deleveraging,” Culp said in the results statement.
“We are moving with speed to improve our financial position, starting with the actions announced today. I look forward to updating you further on our progress in early 2019.”
Reporting by Rachit Vats in Bengaluru; editing by Patrick Graham