Jim Cramer says CEO Larry Culp's first letter to shareholders is 'the most un-GE piece of correspondence I've ever seen. The culture shock here is downright stunning.'
General Electric CEO Larry Culp has simplified the company's report techniques and could be on the right path to fix the challenges in its power division, CNBC's Jim Cramer said Wednesday.
"It's honest, it's forthright, it's straightforward, and short," the "Mad Money" host said."It's the most un-GE piece of correspondence I've ever seen. The culture shock here is downright stunning." That division, according tot he report, had about 59,700 employees, saw orders decrease 23 percent, and lost $808 million in 2018. Cramer said the business is overstaffed.But a fixed power segment with the backdrop of a"fabulous" aviation division and a"very good" health care business would put GE in a good position, Cramer said, along with other"flotsam and jetsam" that need to be shrunk or sold.
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