Culp also grew Danaher revenues steadily, with the peak of the financial crisis in 2009 marking its only negative year of sales growth while he was in charge.
He is telling GE staff that “everything is on the table” to try to revive the fallen industrial giant, according to Cramer.
Flannery had been selling off $20 billion worth of GE assets in a push to make the company leaner, but his promised turnaround plan had yet to bear fruit. Cramer said he felt bad for Flannery, as “he was trying to deal with the hand that Jeff Immelt left him.” Immelt’s time leading the company was reportedly criticized by over a dozen insiders for unrealistic financial goals, poorly timed acquisitions and even mismanagement of the company’s cash.
“The hand was too hard,” Cramer said.
“When John Flannery was appointed CEO in August 2017, he faced a company in a very difficult balance sheet position, and I am grateful for his efforts in outlining a new direction for GE. Larry Culp had a great run at Danaher, where he transformed the company over some 14 years of sustained success. I wish him, and all of GE’s dedicated people, all the best,” former GE CEO Jack Welch said in a statement to CNBC.
Culp, 55, also teaches at Harvard Business School.