annie: john flannery has great record in health care business.tly, this succession was happening for a while. how long does he get to move the share price? >> how long does he get? does not movef he quickly, the frustration will build. i don't think they would bring an outside guy in because of the culture. maybe they should but i would not have expected that to happen. i would think they will give him -- i don't know what the exact timeline is that they have to give him some time maybe a year or so. people are impatient. they have waited for the stock to move so -- vonnie: does this depend on the price of oil? on thingsly dependent like opec and the u.s. supply and so forth? >> no, i don't think so, the price of oil mate make his job harder. we would be having this conversation if we saw a jump in oil prices. i think his earnings target would've been easier to achieve and boosted his credibility. ge has taken significant steps to partition off its oil and gas exposure by merging their business with baker hughes. thatthey go further with and cons

who is john flannery?sked tracee carrasco. >> good morning katie passed the reins to ceo john flannery pay the 55 drought began his career in 1987. since then, held a number of different roles on three continents. most recently ceo of ge health care is at the turnaround of the $18 billion business. notably flannery had of the $17 billion acquisition of the power business cover the biggest industrial acquisition of ge history. increased organic revenue by 5% of 5% a position to business as a technology leader in core imaging and digital platforms, life sciences and cell therapy. he is eager to take on his new job. >> i have extreme confidence in where we are going and that ge will be an incredible company for another 125 years. >> ge shares up more than 3% on monday. new position monday. the position of ceo is effective august 1st and chairman january 1, 28 team. cheryl: he's known to make internally tough decisions that ge is facing at this point after the crisis. thank you very much. lauren: let's get you

john flannery of ge health care an $18 billion unit will replace immelt as ceo.eff bornstein has been promoted to vice chair and lots of people talking about this this morning. joseph >> we reached out to former general electric boss jack welch for a comment on the shake-up. he tells us in his words jeff brought his best every day for 16 years i wish him the very best in the many good years that he has ahead. joining us now on the "squawk" news line brian langenberg of langenberg and company how long you followed general electric brian >> since jeff became the new ceo around 2001. >> all the way back to 2001. do you like the prospects for the company with this new gentleman? and does it have the right mix of assets now for the future to succeed? >> well, in the bigger scheme of things i was asked this question a few weeks ago. this is not going to be dramatic change john flannery is a career ge executive, comes from a finance deal background. this is really handing over the reins to somebody that's part of the existing strategy. there's no great change here in te

john flannery is starting with the top to bottom review of the company.ie was here with the details. he is getting moving. >> we should point out, the stock is now popping on this report as i put it out on social media. john flannery, the new ceo is a move that i've foreshadowed back in march when i said he was on the hot seat. [inaudible] he was basically saying it's time for him to pack it up. the cost cuts didn't materialize he did step down and john flannery is taking over. it looks like he's not taking any chances with pelts. this is what we hear inside. they're saying flannery is now doing a top to bottom review of ge business. there is where it gets interesting and why the stock is probably moving in the last five minutes. on the table would shrink the size of the company. ge has many units but it has three principle units. as you know, they' almost done selling ge capital which was once one othe biest units. we understand inside the company , on the table, at least to be looked at, it's clearly something that flannery and his team look at is furth

new york, matthew whitaker and cnn analyst richard ben-veniste a former watergate prosecutor and john flannery. we brought the heavy hitters here. we're not measuring around today. seriously. richard, i want to start with you. tomorrow marks the 40th anniversary of when five men were arrested for breaking into the democratic national headquarters. there's been so many comparisons to watergate over the past weeks. do you think we're on the verge of another saturday night massacre? >> 45 years since then and it sure looks like it. it looks like we've got a simmering tea kettle here and the president is testing the waters here about whether he should fire bob mueller. he's received bipartisan acclaim. you look in the dictionary for public servant and you see bob mueller's picture. he was an outstanding choice and is doing his job. he's doing nothing other than doing his job. the president just can't pick the opposing team, you know, if you're playing baseball, you don't pitch -- you don't pick the person who pitches for the other team. you don't say you can only have three infielders. you don't m

health care that head john flannery will assume the role of chairman on august 1.hey had of global industrial research who has a positive outlook. thanks for joining us. was this expected? i think it was expected six months from now but certainly not today. end of august at the earliest but this seems accelerated to me. succession always happens in companies but there has been a lot of rusher on jeff immelt to get the earnings up. -- there has been a lot of pressure on jeff immelt to get the earnings up. wast's clear that trian unhappy as a shareholder and other top shareholders were unhappy. the company has not put up the numbers the last year or so. as you mentioned, the last 15 years have been tough. we needed a change here and i think the ge board was listening and we got a change. jonathan: what about the flannery? >> ihn think he can turn around quickly because i don't think anything is broken here. we need a new messenger and we got that made somebody to take a fresh look at the portfolio. to ave long advocated breakup here. the traditional conglomerate mode

company announcing that immelt will be replaced by john flannery as chairman and ceo. the current and president of ge health care. you can take a look at the market reaction. jeff immelt hitting the brakes and the stock higher up more than 3%. getting america back to work again, president trump to unveil job's program amid push for the white house as the administration looks to shake off the russia election controversy. >> i'm calling for an end to the informations of president trump's colluding on -- with the russians. this needs to end. nobody has come forward with any evidence that there's been collusion between the trump campaign and the russians and it keeps persisting so it's time to put an end to this. dagen: latest on the renewed agenda push ahead. futures are showing losses across the board. another selloff at least it looks like it's going to happen on technology stocks, nasdaq 100 futures down. those winners this year, incredible winners like facebook and amazon and netflix and the google parent company, they tumbled on friday. in europe stocks also lower ac

what changes could john flannery initiates from the start? yvonne: what are going to be his biggest challenges than? -- then? >> he is going to do a very thorough portfolio review. he was asked to come in and be a first set of eyes, looking at all of ge's businesses. it is something he is probably in a good position to do considering most of his career has actually been in ge capital, which they do not really have for the most part anymore. you know, he does not have these loyalties to a lot of ge's all-time manufacturing businesses that may be some other executives might have. in and lookcan come at what makes sense to keep in ge, and what does not. anchor: he said before that results speak for themselves. he certainly delivered results in his tenure there at ge, in the health care unit. is he too much of an insider? does ge need someone from the outside to come in and invigorate this company? rick: the interesting thing about john flannery is he has been there for 30 years, and a lot of ways, he is an outsider. like i said, he was in ge cap

attorney matthew whitaker, and john flannery, and former white house ethics lawyer richard painter, and political analyst april ryan. thank you all for joining me this evening. we have a lot to discuss. april, going to start with you because the president is considering firing special counsel robert mueller. the response tonight has been swift. why do you think this is coming out tonight, april? >> well, one, this president has never left us unexcited and anticipating his every move. he likes this, number one. number two, this president really is not a president of governance. he is a president who goes with a knee-jerk reaction in a lot of instances, but he's also a man who feels that his base is with him. he is not the establishment. he is pushing the envelope. and this might just push it too far, if he does indeed fire robert mueller as special counsel in this probe into the russia investigation, that's dealing with issues of obstruction of justice possibly as well as collusion. >> it seems like that all of this is making the president's own making, these problems. because he's the o

so who is john flannery? veteran who's held a number of top positions in the company including head of m&a and overseeing a turn around of the health care business as the ceo there. now he's helped to orchestrate some of the biggest deals including thele ofston power deal and the synchrony of the ipo. immelt said last month it would take more cost cutting and that on the heels of other disappointing results like cash flow there's a lot of speculation that shareholder trian fund was pushing for a change there still, ge says this succession plan has been under way since 2011 with the summer of 2017 target in place since 2013 so this has been coming for some time so far, analysts are upbeat about this development that since flannery's seen as more willing to make big portfolio decisions than the others who had been floated as possible successors, they took to facebook live where flannery said he'd meet with investors, customers and bit whittle down into the businesses. we'll be tuning into the meeting later on m

john flannery will take over the post in august. >>> in "healthcheck," now, for the first time, the u.s. food and drug administration has asked that a prescription opioid be pulled from the market because of the public health sequences of abuse. the fda asked pharmaceuticals to pull the drug since most users are injecting it since it was approved in 2012. >>> the "action news" team is working on new stories tonight begin agent 4:00 p.m. with temperatures in the 90s, hot coffee is the last thing most of us want in the morning that's where cold brew come in. but you don't have to head to the cafe for the cup. in what's the deal we'll show you how to save money and the trip by making your own at home. >>> it's an unbelievable case of mistaken identity that cost a man two decades of his life. we'll tell you how the man tracked down the exact double housed in the same prison. >>> david murphy is next at noon with the exclusive accuweather seven-day forecast when "action news" comes right back. we believe that you should always have room for the little things. and that your dream kitchen shou

do we presume that pleasing active shareholders is going to be john flannery's number one priority going forward? >>'s challenge will be delivering your term results without taking his eye off how to best position the company for long-term success. on the one hand you have the opportunity to lay out some achievable targets to show investors that what the company has been doing for the past 18 to 24 months has said the company up and investors have right to demand proof of that. at the same time, i think flannery brings a very interesting experience to the position in that he has had , his in private equity time in ge corporate development, all that lends a critical eye capital allocation and longer-term strategic planning. from that perspective i think he is going to be well-positioned to handle that balance that the company needs going forward. butlet: but how -- julia: how does he calibrate that, barbara? looking at execution of the operational aspects of the business as the long-term story here, he already said annette facebook message that he was going to finish what a melt -- jeff a

taking over the top job is john flannery who heads up ge's health care division. investors like the news sending shares up 3.5%. morgan brennan has more on the future of ge, a company that was an original member of the dow >> the change at the top of general electric comes after 16 years. over that time, there have been many grumblings about the stock price, a fact that hasn't eluded the man soon to be in charge. >> no one's happy with the stock price righ or some of the cash, you know, pictures that we've had. we know we can be better at those things. so i'm going to do basically what i've done in the health care business, spend a lot of time with investors, with customers, with employees, listening, hearing what, you know, people think about the company. >> flannery is a 30-year ge veteran. he's held a number of top posts, including health care where he turned around the flagging business. under disappointing financial metrics, the key will be how he plans to grow the company. >> we're really looking for mr. flannery to really lay out the strategies and where th

he will be replaced by john flannery, who now runs the health care division. under pressure from trian fund management. assets in selling off monsanto. according to people familiar two the matter, the companies expressed interest in acquiring the bayer unit. is a matter close of minutes away. stocks falling. ♪ ♪ live from london and new york, this is "bloomberg markets: european close." tech-led selloff. the biggest drop since may 17. we were down 1.1%. biggest drop today for tech years since june what last . index was 4.5% lower. on friday, it closed at its highest level in 15.5 years. the stoxx 600 technology index has risen 228%, the benchmark stoxx 600 has risen 142%. this is sterling percentage moves. remember the? day after brexit vote? we were down by 2.5%, finished down 1.6%, biggest drop since october. friday's close the lowest since april. the view is this inconclusive election result my result in a less hard brexit, which could support sterling. in the meantime, the prolonged uncertainty will keep the currency under pressure, down a further .7% toda

company naming 30-year vet, john flannery, he ran ge health care.ary. ge stock struggling in recent years, can it turn? >> very tough. let me defend them, he came in valuations were rediculously high. and they were already huge company, where you can't grow the business. on the other end he has not done much to enhance shareholder value, he needed to do more and sat on the ball. liz: yes. what do you think jonathan? >> jeff ir immelt was a crony, stock stagnated under his watch. this company i believe will be broken up or not exist in its current form in few couple of years. >> love you, guys, come back soon. >> thanks liz. liz: we're going to have more after the break, don't go away. .. liz: the trump administration trying to get rid of more onerous regulations. that does it for us. thank you for having us in your homes. we had a lot of breaking news to cover there. gerri willis is in for charles payne tonight. gerri: the 9th circuit court of appeals is siding with a federal judge in hawaii and blocked president trump's executive order. reporter: a

ge's in flux here, i think everybody's worried about the incoming ceo john flannery l lowing the boom on forecasts instead, i bet it gives a positive update on aerospace it's supposed to be positive, but these days are ge, who knows, right why do you know the stock of ge like my travel trust does? because they have made $2 billion in cost cuttings we start with giant home builder lennar it hit a new high, normally it would be hitting a new low it's great for the home building business lennar will take advantage of the demand, many home builders don't. the pace was slightly more than a million homes. in this economy should be generating at least 50% more than that. we need answers. i bet ceo steve miller will have some great perspective, he always does. then we get some results from fedex, and i think it's going to be a good quarter. i'm looking for the company to guide numbers up and talk about it's role in the privatization of airports, because if there was ever a company that knows how to run an airport, it's fedex. and we have to talk about the food industry because of that amazon-

he will be replaced by john flannery ending his tenure in which he reshaped the powerhouse.ke chat today, he encouraged his staff to finish what his successor started. >> we have a track record we can be proud of. we have a window in the future where we will be better. we have to build on our strengths. we have to make sure we are known as an execution company and deliver for all constituents, including customers and employees and especially shareholders. they only company at the end of the day. employees, where the vehicle to get there. caroline: last month, we spoke become af.o. who will vice chairman of the company. here is what he had to say about g.e. overall. >> we are a global company. we serve global customers. we have a global workforce. that is the company we are and that is the company we are going to run. caroline: mcdonald's is looking for summer help through "snapplications." use snapchat to reach potential employees. the fast food chain has 14,000 locations in the u.s. amazon is considering selling cars in the u.k., putting pressure on europe's biggest dealers

i might be off by a year or so, and now stepping aside for john flannery.c moment for american industry. ian shepherdson, terry simpson with us. .n wednesday, the fed decides we would do extended coverage beginning at 1:00 p.m. michael mckee will be in washington. from germany and new york, this is bloomberg. ♪ francine: "bloomberg surveillance" from frankfurt and new york today. we spoke earlier to an ecb board member and asked not only about inflation, but the main risks out there. >> we see downside risks mainly , future u.s.ide economic policies, emerging market economies, and these are the risks we want to focus on. francine: he is a board member there. in shepherd is still with us. talk to me about how the ecb should deal with inflation. i tried to get out of him how to deal with tapering, but he says wait for the day. we can't talk about it too soon. broad-based increase in core inflation across the eurozone is a high bar. if you can pair the german economy with the southern economies and peripheries where there is little inflation, there is tension

he will be replaced by john flannery, ending a 16-year tenure in which he dramatically reshaped the manufacturinge. flannery encouraged his staff to finish what his successor started. >> we've got a track record we can be proud of and a window into the future where we are going to be better. we got to build on our strengths and make sure we are more -- known as a execution company and deliver for our constituents especially customers and employees and shareholders that end the company -- own the company at the end of the day. we are the vehicle to get there. emily: just last month we spoke to ge's cfo who, with these changes, will become vice chairman of the company. hear what he had to say about the big picture at ge. >> we are a global company. we serve global customers. we have a global workforce and that is the company we are and that is the company we are going to run. up, bloomberg publishes an exclusive reports that russian hacks on the u.s. voting system could be wider than previously known. all episodes of bloomberg technology are wide streaming -- live streaming on twitter. this is bloo

john flannery will take his place as ceo effective august 1st.ll remain chairman through his retirement at the end of the year. >> go to newday cnn.com for the latest. >>> thousands hitting the cities and streets across the u.s. to demand equality. los angeles the annual pride parade was renamed the resist march, tens of thousands of people carrying signs reading "love trumps hate." charlotte, north carolina. even though house bill 2 has been repealed more needs to be done for the transgender community. >>> today marks one year since the worst mass shooting in u.s. history, the pulse nightclub massacre. last night, hundreds gathered at the site of the rampage to remember the 49 people killed. some of their family members going there for the very first time. people in white robes, they were wearing angels wings, and they were covering them as they cried. the city of orlando will honor the 49 young lives as we remember each and every one of them now. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >>> this morning cnn kicks off a week-long series called "champions for change" and a

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attorney matthew whitaker, and john flannery, and former white house ethics lawyer richard painter, andl ryan. thank you all for joining me this evening. we have a lot to discuss. april, going to start with you because the president is considering firing special counsel robert mueller. the response tonight has been swift. why do you think this is coming out tonight, april? >> well, one, this president has never left us unexcited and anticipating his every move. he likes this, number one. number two, this president really is not a president of governance.

long-time ceo jeff immelt steps down and health care head, john flannery will take over as the company struggles to boost profits. far be it from us, steve to den any great any competitor. melissa: we never do that. >> however, here is a piece from last march, jim cramer has faith that ge's jeff immelt can cut costs. well, clearly he didn't and that's why he is out, no? >> right. i think maybe all of us by the way are former employees of ge, nbc universal. so we're not going to trash them. but let me say this, if i quit fox as contributor and fox, if news corporation stock vaults higher because of that i will not be happy about that or proud. ge, as far as their business model goes it has been a vasts underperformer for a very long time. even with the jump today, those who hold the stock are happy about it, it still trading half of where it was at its peak with the market at all-time highs. it needs to be much more than one person. there needs to be serious restructuring at ge. david: activist shareholders are stirring things up. i like it when ceos are held to account either by the bo

attorney matthew whitaker, and john flannery, and former white house ethics lawyer painter, and april for joining me this evening. we have a lot to discuss. april, according to christopher ruddy, the president is considering firing robert mueller. the reaction tonight has been swift. why do you think this is coming out tonight, april? >> well, one, this president has never left us unexcited and

partners has been conspicuously smart since the stepping down of jeffrey immelt and being replaced by john flannery i'm hearing sources that they're optimistic about flannery's abilities to turn that company around and believe his financial knowledge with ge gives him a unique advantage everything is on the table, especially the real possibility that ge ends up distributing the shares of baker hughes they announced it had taken a $2 billion steak in ge in 2015. been stepping up the pressure on that company, most recently the castrol numbers raising a lot of eye balls. no statement at all from trian since immelt made this surprise announcement josh, you're the one who had been a vocal supporter of ge and the shares which you recently sold >> yeah. and actually i think is probably is good news i think the pace of change at something the size of ge is not for every investor not everyone wants to sit here for the next six months. adjusted dividends adjust earnings guide. i think you're seeing people get out. you had the behrens story over the weekend. it was kind of bullish in a frenemy sort of way. th

julia: we have more news on the new ge ceo john flannery that was announced this morning.sent his salary at $2 million. he has a target bonus at 150% of his annual2017, an target bonus will be $3 million. long-term, it will be paid in stocks. that is how it has been displayed. what you need to know to give up for tomorrow's trading day and. -- ahead. this is bloomberg. ♪ scarlet: wants to look forward to. prince house of commons convenes with newly elected emcees. joe: i will be watching usa go data with prices out at 8:30 a.m. eastern. julia: bloomberg television will have live coverage of attorney general jeff sessions's testimony before the selling intelligence committee -- senate intelligence alisa: i am alisa parenti from washington and you are watching "bloomberg technology." president trump today held his first full cabinet meeting in the white house with various members offering praise to mr. trump and his legislative agenda. the president listed trade deals completed during his recent international trip. "the wall street journal" reports they do not have tapes tha

stepping down in august and will be replaced by the current president and ceo of ge health care john flanneryuber's board of executives have voted to accept all recommendations in the investigation into allegations of sexual harassment but not clear what those are. the board is considering a leave of absence for ceo and co-founder travis kalanick. >>> and the pittsburgh penguins have claimed the stanley cup title for the second year in row beating the national predators last night in nashville. >>> and it is time for money, power and politics. president trump's legal issues are about to get a bit more complicated that is because the attorneys general of maryland and washington, d.c., plan to file a, quote, major lawsuit against the president as early as today. at 12:00 p.m. they will hold a press conference. i want to get the details from nbc news justice corresponnt pete williams. pete? >> this is the latest in now what's a group of lawsuits claiming that the president's business dealings violated a term of the constitution called the emol lieuments clause which says presidents can't accept

and the announcement of jeff immelt's retirements, there was reference to the new president john flannery coming from the healthcare business and jeff immelt explicitly recognized mister flannery's experience in india and other countries as helping tremendously in improving his offering as a top leader in the company, in part his progression toward president and ceo. from an anecdotal perspective your point is well taken and it is playing out as we move toward a new chairman and ceo of ge with deep experience and very formative time in his career and india. >> i am president of an aerospace company. i presume the question might go to you. there was during the administration, the george w. bush administration there was a lot of cooperation between the united states and india. since then it has declined. and now the interest donald trump has and vice president pens has in space and stuff, would not be a good time to have cooperation between the countries, that is question number one and related to that, commercial interest, space x being an example so is there collaboration between the comp

current g-e healthcare president john flannery will replace immelt as c-e-o effective august first.me now to check on our weather... with chief meterologist brittney shipp. skies remain partly cloudy across much of the district with some clouds still lingering over the hills and near the coast. temperatures remain seasonably cool with readings still in the upper 60s and lower 70s early this afternoon. the cool upper lows that brought t-storms to napa yesterday and snow to the high sierra will still maintain a cool airmass aloft tonight before gradually being replaced by building high pressure and a warming airmass aloft. ocean temps are still hovering around 50, so with mostly clear skies and a cool airmass expect one more seasonably cool night with overnight lows in the 40s for interior valleys and 50s elsewhere. (catherine) more retail chains are in trouble ... that includes the san francisco based chain that's now filing for bankruptcy. (grant) and a study is revealing more about a global obesity problem, which groups are being affected the most. another retailer is feeling the p

the announcement of just retirement, there was reference to the president and ceo by the name of john flannery coming in from the healthcare business and jeff and they'll explicitly recognize mister flannery's experience in india and in other countries as helping him tremendously in improving his offering as a top leader in the company and part of his progression towards president and ceo so from an perspective, point is well taken and it's playing out as we move toward a new chairman and ceo of ge who has deep experience and had very formative ties in his career in india. >> my name is bob johnny and i'm president of national aerospace r&d company. my question might go to stephen. this is about face actually, there was the administration, the bush administration, there was much of ministration between the united states and india, i know that the administrator of nasa has been there a few times and the standard has kind of declined. and now, with the interests president from past and also vice president pens as in space and stuff, with their not be a good time to have more cooperation between

announcement of jeff's retirements, they referenced the new president and ceo, aged woman by the name of john flannery coming in from the ge health care business. flannery's experience was specifically recognized in india and other countries as helping him tremendously and improving his offering as a top leader in the company and part of his progression toward president and ceo, so from an anecdotal perspective your point is well taken and it is playing out as we move toward a new chairman who had a very formative time in his career in india. >> ok. right here. is aj and i am the president of an aerospace company so i presume this you, duringht go to there was aration lot of cooperation between .nited states and india i know the administrator of nasa went to india three times at now time and since then with the interest that president trump has and vice president pence has an space and stuff, would it not be a good times to have more cooperation between the two countries question mark that is question number one and related to that is that convergent interest now in space, spacex being an example, wil

the company says he'll be replaced by john flannery. >>> severe storms have affected about 20 million people from texas to michigan. tens of thousands o people lost power in minnesota after severe thunderstorms swept through the region yesterday. heavy rain and hail fell in the air and the hail was so thick that plows and bulldozers were used to clear it in some places. up to 60-mile-an-hour wind gusts uprooted trees and damaged homes. >>> certain birth control pills could >>> explosive evidence is expected to be shown to jurors today to show what happened to pane state student before he died. >> what it could mean for the 18 charged in the death of timothy piazza. >> you're watching "cbs this morning." nearly fifty years at of experiencety, has taught us that we're not so different. we all want to be healthy humans. we all want strong bodies for our families, who we love... most of the time. the drive to whip up a gourmet dinner... or order out, and destroy the evidence. and healthy hearts to pursue our passions, celebrate friends' victories... and endure their endless victory dances

the company says he will be replaced by john flannery who leads ge's health care business. >>> severerms are a threat today for about 33 million people from texas to michigan. the most significant risk centers on north and south dakota. tens of thousands lost power in the twin cities in minnesota after severe thunderstorms swept through the region yesterday. heavy rain and hail fell in the area and the hail so thick that plows and bulldozers were used to clear it in some places. 50 mile an hour wind gusts uprooted trees and damaged homes in minnesota and wisconsin. >>> certain birth control pills are being recalled because they could cause unintended pregnancies. which pills are affected and what caused the . >>> good morning, from our kpix studios in san francisco. it's a relatively cool start toy day with the passage of the cold front from yesterday. we are settling into the 50s. a bit of a breeze along the seashore and bay. winds will be variable 10 to 20 late day, and a good 13 degrees lower than where we should be at 68. 50s through the 60s to the low and mid-70s. warmer tuesday.

john flannery, who most recently had led ge's health care segment, will succeed jeff immelt as ceo starting august 1st and then as chairman in 2018 immelt told investors this summer's transition has been in the making since 2013 meaning it's not due to shareholder pressure but this casts adramatic run for immelt who took the job days before 9/11, then weathered the financial crisis under him ge has completely changed. now in 2001 nearly 50% of profit was ge capital today the industrial businesses account for about 90% of earnings now that's thanks to big divestitures including $260 billion of ge capital assets, also spinning off oil and gas to merge with baker hughes. meantime ge because us a at this point's power business, invested in tech, a platt the form analysts believe will soon pay off. immelt saying today, it's a good time for this kind of transition, that ge is a vastly simplified portfolio with many levers for building margins and more market share and flannery outlying plans to improve the company during a facebook live event. >> no one's happy with the stock price right now or s

replacing by john flannery august 1st he led the health care business will be chairman in 2018 now, it'ss. the reason shares of ge jumped 3.5% today, the stock has performed poorly, down almost 30% since september 7th of 2001 when immelt took the account, and kwedecreased likelihood theo not hit the target, but this caps a 16-year temperature eu including the 9/11 attacks and just as he reinvented the company as a pure play industrial in 2001, ge derived half profit from the financial arm, and, today, roughly 90% comes from all of those industrial segments instead. immelt shed hundreds of billions of dollars of asset, and ge capital, got the prices he wanted, and allowed ge to shed the too big to fail regulatory label as well, but oil and gas, merging with baker hughs, is a big drag for the company, and while the power acquisition is expected to be an earnings bright spot, analysts say we won't know how big a bright spot until next year, so what to expect now flannery is launching review of all the businesses, and ge is saying, quote, breakups should not be part of the discussion. that s

john flannery will succeed. flannery will take a close look at the operating units.from the global forum in hong kong. years ofk over the 16 jeff's leadership, and have created the right portfolio for the 21st century. i think that john understands that, because he has been a part of it. he has put his fingerprints on a is of it, but any new ceo going to take a fresh look. john certainly well. the board will encourage him to do that. taylor: he also said there is no able to they will be fund pension obligations or ge has a $31 billion shortfall, the largest in the fortune 500. the biggest ipo in europe, the raisedgovernment stakes by selling a stake in irish allied banks. they build out the bank several years ago after a tip the country into financial ruin. there's going to be a lot of this through july, august, and of september. then on to january of 2009. that is a 10 year look back. .his chart thanks to our bloomberg tech people for linking old aip to new aip. this is the financial crisis, the moonshot and fiction, this tothe courage of the irish do what no one el

says the -- jeffrey exit processhe ceo began in 2013, which finished yesterday with the naming of john flanneryss. byl michael has been dogged public scandals for several years. kalanick is said to be weighing a three-month leave of acceptance -- leave of absence. tom: thank you. of theood to get a view fed from outside. we do that now with carsten brzeski of ing germany. gideon rose is with us as well. public service for the netherlands ages ago. you have done a lot of work in europe on the dynamics of economies. how vibrant is the u.s. right now, when you look across the pond? do you buy three d-up -- do you buy 3% gdp? carsten: not yet. the cycle is coming to an end. we have seen the expansion of the german economy. tom: right where we want to go. trump's next steps. is the next step anti-austerity? do we still need fiscal stimulus, whether it is germany or really struggling economies in europe? and in the u.s.? >> if you want to the -- if you want to extend the cycle, yes. not only in short-term growth but in infrastructure, long-term growth potential. francine: what is surround brexit? we

john flannery, the current president of ge health care will take over. that starts august 1.ll remain chairman of the board until his retirement at the end of the year. >>> it was a big, big night for evan hanson at last night's tony awards honoring the best of broadway. it won six awards including best musical, best score, ben plat took home best performance by a leading actor in the musical. the other notable winners included kevin kline, lori metcalf and bette midler. bette midler gave quite a speech. we'll talk about that speech lat later. >>> and noto dtug case of alleged fraternity hazing at penn state. the students charged in the death of timothy piazza and his parents will come face to face and gabe gutierrez is there. >> reporter: prosecuto plan to play three hours of security video from the beta theta pi house. the last hours of his life. the 18 fraternity brothers are heading to court. 19-year-old michael bonatucci is among those facing the most serious charges, including aggravated assault. in an exclusive interview with "today," his lawyer says he never handed an

john flannery, the president and ceo of ge health care will take over august 1st. in the steel city. pittsburgh penguins winning their second straight championship. take a look. >> the stanley cup champions >> the penguins beating nashville predators, winning playoff mvp for second straight year. nationals couldn't pull out the win at home despite country music star faith hill at the crowd before the game. ♪ ♪ ♪ [cheers and applause] >> as you can see, husband tim mcgraw giving her a huge hug afterwards. unstoppable. [laughter] brian: star power nashville couldn't do it this time. >> they could not. brian: i learned to look left and then look right. have you heard this newt gringrich's message to the gop. >> people mueller is bringing in is dangerous people. anybody who thinks this counsel is going to be neutral, is crazy. brian: turns out he's over to my right. steve: behind door number one. my business was built with passion... but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2%

john bradley, director of publicity for the philadelphia phillies, mary flannery from the philadelphiaernational area port, we have stephanie humphrey, who is receiving our communicator of the year award. you might know her, she's a tech educator. she works with kids in communities with tech. we have so many. that's just the tip of the iceberg. >> you mentioned one of the awards, dan, your organization is getting an award. what does it mean to you and your organization? >> so for hope works, of course, it's so exciting and such an honor, but more importantly, for our young people, our young people are trying to turn their lives around with technology. to have an organization like this honor our young people, then invite them to the conference so they can meet professionals. you can't be what you can't see. when our young people see professionals honoring them, it shows people care and inspires them to move forward. >> i'm sure that's great for the professionals who will be there as well, right? because you are trying to raise each other up but also reaching a hand and saying come on, w

flannery will take it close look at the operation units. bloomberg from a forum in hong kong. >> any new ceo is going to take a fresh look and john certainly will encourage them to do that. emma he also said there's no question: ge will be able to -- emma: he also said there is no question ge will be able to raise its pension shortfall. jonathan: thank you. under pressure or not quite, thanks examining their ability to withstand shocks, but there are more tests to come next week and for investors, that is what will matter. joining us now is gerard cassidy, managing director at rbc capital. capital distribution, i backs, dividends, that is what -- buybacks, dividends, that is what we care about. >> you are right, it is about next week's results and yesterday, that is a good base for what we are expecting next week but it is about capital return and more stock buybacks because the industry is overcapitalize. jonathan: let me get a number, give me a number, what will move the dial? >> i think it will be based on each bank, if they can come in with numbers higher than expected, you might recall in vast -- in past see cards, they have said they