General Electric Company (NYSE:GE) Eliminates Corporate Cars For Its Top Officials

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The stock of General Electric Company (NYSE:GE) closed at $24.54 gaining 0.25% in yesterday’s trading session. Business competition is growing fierce and is putting most of the companies around the globe on their toes.

GE remains committed to maintaining its relevance in the market by all means. The company’s decision to eliminate corporate cars for its top executives may not be a celebrated move to a large number of those professionals. However, it believes that it is for the best.

GE is confident that the move will help it shave off more than $2 billion in costs. The new CEO John Flannery is one of the people that have expressed great interest in the move and during a recent interview he said that he was confident the company had made the right move. He said that the decision was just but one of the many strategies they had underway towards reaching their business goals.

The company communicated the new change by sending out mail to all its executives. It was aware that the message was not going to augur well with most of them. It goes without saying that tempers would rise, but later matters would go back to normal and the company would resume its smooth operations.

General Electric is at the moment undertaking numerous restructuring moves at its corporate headquarters. The company is expected to make another difficult decision in the process. Most probably, some people might end up losing their jobs in the process. The company might be doing that to cut down on its operational cots.GE understands the real essence of maximizing output and lowering the operational costs.

Flannery opined, “We are doing all within our means to sharpen our competitive edge in the market. At times we are compelled to make tough decision that might not augur well with our employees, but we just have to do what will serve the company’s best interests.”

GE is also looking forward to work closely with related and top performing companies towards achieving its business goals.

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