By Aimee Picchi MoneyWatch October 1, 2018, 8:14 AM GE ousts John Flannery as CEO after 14 months

Last Updated Oct 1, 2018 10:21 AM EDT

General Electric has ousted CEO John Flannery after about 14 months on the job, replacing him with former Danaher CEO H. Lawrence Culp, effective immediately.

Culp, 55, served as CEO of Danaher from 2000 to 2014, during which he transformed the company from an industrial manufacturer to a "a leading science and technology company," according to a statement from GE.

Flannery stepped into the role as GE's leader in August 2017, succeeding Jeffrey Immelt in the top role after sliding shares led to investor discontent. But Flannery failed to staunch the company's falling share price, with the stock losing more than half its value in the past year. GE shares now trade at about $11 each, or about the same price of a two-pack of 40-watt GE LED light bulbs.

GE shares surged in premarket trading Monday morning, rising about 15 percent.

The company also said its power business had weaker-than-expected results and that its free cash flow and per-share earnings will fall short of its previous guidance for the year. It also expects to take a noncash goodwill impairment charge for GE Power of about $23 billion.