In a surprise move, GE on Monday announced the ouster of chief executive John Flannery after little more than a year in the job, naming board member H. Lawrence Culp as his replacement, and admitting it will miss its earnings guidance for the year due to ongoing weakness at its Power division.

Culp, who turned around rival US conglomerate Danaher during his 14 years at its helm, will become GE’s chairman and chief executive immediately, following a unanimous vote by the company’s board of directors.