GE's (GE) Old CEO Did an Abysmal Job, but the New Guy Might Be Different - TheStreet

The winds of change could be blowing at General Electric (GE) - Get Report .

Amid a Reuters report of cost cuts at GE, TheStreet's founder and Action Alerts PLUS portfolio manager Jim Cramer said new CEO John Flannery is already starting to right the ship.

"[Former CEO] Jeff Immelt ran a ship that was sloppy," Cramer said. "That is my own judgement. I don't mind saying it. I am sure it'll be refuted tooth and nail by GE - but your record is frankly abysmal. And you are what your record says you are."

Cramer thinks the changes Flannery is making "is a sign that Flannery did not have belief in the way the company was run."

GE shares are down 23% since the start of the year. 

GE is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

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