October 20, 2017 / 12:54 PM / a year ago

GE CEO signals 'sweeping change' ahead, $20 bln in asset sales

FILE PHOTO - General Electric Co's incoming chief executive John Flannery is shown in this undated handout photo provided June 12, 2017. Courtesy General Electric/Handout via REUTERS

NEW YORK (Reuters) - General Electric Co (GE.N) Chief Executive John Flannery said Friday investors can expect “sweeping change” from his review of the businesses, and that the industrial conglomerate will focus on profit, cash generation and accountability of employees.

Flannery said he sees room to cut more than $2 billion (£1.5 billion) in costs next year, double the current target, and that he has found more than $20 billion in assets that GE will sell in one to two years.

Reporting by Alwyn Scott; Editing by Nick Zieminski

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