New GE Chief Shakes Up Management Team

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The strategy was Mr. Immelt’s, but Mr. Bornstein held the purse strings. “Jeff Bornstein was Immelt’s guy and he lost out in the succession race to John Flannery,” said Scott Davis, chief executive of Melius Research, an independent financial analysis firm. “Flannery wants new guys, new faces and not someone tied to profit performance that