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Three weeks after General Electric new chief executive said it needed to make “some major changes with urgency,” the engineering conglomerate has done just that.
GE said Monday it will cut its quarterly dividend to 12 cents from the prior 24 cent payout due to weaker-than-expected cash flows in its power business, pension costs and hefty insurance claims that have hampered dividends from its financial operations.
The dividend cut is only GE’s second since the Great Depression and continues new CEO John Flannery’s push to aggressively confront the...