GE’s CFO Carolina Dybeck Happe Steps Down – C-Suite Transitions

Turnaround situations have a reputation for delivering spectacular returns, if and when the company can actually turn things around. Even with new management in place, it is unlikely that a company will regain market share or turn profitable after it has lost its way.

I discussed this briefly in a Twitter thread after an insider purchase at General Electric (GE) by Larry Culp in May 2022.

Mr. Culp’s timing in buying GE’s stock was impeccable. The stock is up 74% over the last year as the company beat earnings estimates in three out of the last four quarters, increased its full year 2023 earnings estimates and guided towards high single digit revenue growth.

The revenue chart below puts Mr. Culp’s impact on Danaher (DHR) into perspective. Earnings per share followed a similar trajectory.

Carolina Dybeck Happe joined GE in March 2020 at a time when revenue had been declining sharply for years and the balance sheet was highly leveraged. During Ms. Dybeck Happe’s tenure, she played an integral part in improving operational performance and deleveraging the balance sheet.

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