Announcing “sweeping and dramatic changes” to the company GE CEO John Flannery created quite a buzz on Tuesday. In an interview to MIC, digital news company Flannery said, “We’re changing almost everything.”
The company will spin Healthcare out of its core business. “We’re going to move our health care business and our Baker Hughes GE business outside the core of the company,” Flannery told Mic.
After Siemens and Philips this is the third conglomerate to restructure and slim down its business, creating separate entities for the much profitable healthcare business.
“The question we asked ourselves is, ‘How do we get the businesses to flourish so we can create the most shareholder value?’” Flannery said. “We didn’t start out by saying the purpose of this is to break up the company. The purpose of this is to make the businesses incredible, put them in the right environments, put them in the right financial condition so they can blossom.”