General Electric Co. is ending a longstanding staff rotational program that lasts multiple years, which the company has harnessed to develop executives, The Wall Street Journal reported.
The conclusion of the Corporate Audit Staff (CAS) program is reportedly part of efforts by CEO Larry Culp to streamline the business, WSJ reported.
GE has sold posessions, reduced expenses and decreased the staff that supervise arms like GE Aviation and GE Energy. The company reported in October that expenses for its corporate operation fell 9 percent in Q3.
The move was reportedly shaped by Carolina Dybeck Happe, the firm’s new finance head, according to WSJ.
The CAS program goes back to the early part of the last century. Staffers worked lengthy hours and visited various places around the globe to examine different parts of the company, looking over internal controls or seeking out waste.
While the complete program covered a duration of five years, not many people who took part in the program lasted for the entire time.
“Running GE differently means equipping our developing leaders with increased operational depth and domain expertise,” a representative for GE said. “We are evolving a core talent development program to deliver these competencies with greater focus.”
The company is dividing the program by making a distinct internal auditing team and migrating the leadership development part into the distinct business divisions.
According to the WSJ report, the changes will take place over six to nine months.
General Electric is one of the globe’s oldest and biggest industrial manufacturers with roots that can be followed back to the late 1800s and Thomas Edison’s lab.
The firm touches on almost every part of the current day’s economy such as finance, energy production, aerospace and healthcare.
GE become renowned for its complex digital technologies and engineering that go into a number of its front-end business applications.
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