GE's Immelt has 6-mth deadline to save job-NY Post

lunes 7 de julio de 2008 07:03 CEST

July 7 (Reuters) - General Electric Co's (GE.N: Cotización) Chief Executive Jeff Immelt has been given 6 months to save his job, the New York Post said on Sunday citing three major institutional investors speaking on condition of anonymity.

GE's first-quarter earnings, which fell 12 percent to $4.4 billion, or 44 cents per share, compared with estimates of 51 cents per share, and caused Wall Street stocks to skid in April.

Immelt plans to sell off GE's credit card division and other underperforming non-core assets in part to quiet a growing chorus of investors calling for a break-up of the giant, the paper said.

The company is due to report second-quarter results on Friday.

Shares of GE, which have fallen around 27 percent since the start of the year, closed at $26.91 on Thursday in New York.

GE could not be immediately reached for comment. A company official requested that Reuters call back during working hours.

(Reporting by Ajay Kamalakaran in Bangalore, Editing by Jacqueline Wong)