General Electric is removing CEO John Flannery from his role and replacing him immediately with Lawrence Culp, who will also serve as chairman. The unexpected move shot GE shares up in premarket trading on Monday. The company also announced it will take a “$23 billion non-cash charge for its power business.” Flannery has been CEO since 2017 and only in August had just announced details of a “much-awaited” restructuring plan for the firm. • Here’s what people are saying.
Facebook could be fined up to $1.63 billion by Ireland’s privacy watchdog after a network breach exposed the data of up to 50 million users. The incident, discovered last week, also impacts apps such as Tinder and Spotify that permit users to log in via their Facebook account. About 90 million users were logged out of their accounts as a precaution. This is the second data breach to affect the social media giant in a matter of months; it was hit by the Cambridge Analytica scandal earlier in the year. • Here’s what people are saying.