"We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency, " Culp said in the statement.
The Boston-based company's shares closed at $11.29 on Friday, with a total market capitalization of about $98 billion.
It said it would take a roughly $23-billion charge to write off goodwill in its power division, primarily from a large 2015 acquisition. "It is a privilege to lead this iconic company".
The shares climbed 15 per cent to US$12.95 in NY premarket trading Monday.
Shares of GE last week hit a nine-year low, after news of a glitch in new power-plant turbine technology that temporarily shut two electricity plants in Texas - adding to woes in the company's industrial segments.
H. Lawrence Culp Jr. on Monday became the first outsider to run General Electric in its 126-year history, highlighting the need for new blood to revive the troubled conglomerate.
GE Power's falling profits previous year forced GE to slash its overall profit outlook and cut its dividend for only the second time since the Great Depression.
"We remain committed to strengthening the balance sheet". Also, GE said that the Board has appointed Thomas W. Horton as the Lead Director of the company.
Some analysts said GE Power likely missed financial targets for the third quarter, contributing to Flannery's ouster. GE, scheduled to report results on October 25, declined to comment.
Moving forward, the CNA Finance team will continue to keep a close eye on GE.
General Electric head John Flannery is out after just more than a year at the top of the company.
In June, the Dow Jones Industrial Average cut the company from its 30-company stock index - a move that reflected its shrinking position in the United States economy.
Growth in the company's newly reinvented energy storage business, renewable generation and digital grid services has not reached the point of substituting for the conventional power revenues. "The market seems to be welcoming a change in leadership but the new CEO will be facing numerous same problems". "GE expects to take a non-cash goodwill impairment charge related to the GE Power business", the release said. We have a lot of work ahead of us to unlock the value of GE.
Flannery on the same day said that GE might take the radical step of splitting up the main company's three main components - aviation, health care and power - into separate businesses.