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GE suddenly replaces CEO

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General Electric announced Monday it replaced CEO John Flannery with H. Lawrence Culp Jr.

Culp immediately succeeds Flannery, who had been CEO for less than two years.

"We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency. We remain committed to strengthening the balance sheet, including deleveraging," Culp said in a statement.

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