On Monday, General Electric CEO John Flannery resigned, promising to reduce the number of jobs and close several units to make the company smaller. However, as reported by the company, the pace of transformation under the leadership of Flannery was too slow. The Board of Directors unanimously supported the candidacy of H. Lawrence Culp Jr. for the position of General Electric CEO. Based on this news, company shares rose 15% on Monday. At the same time, General Electric announced write-offs in the amount of $23 billion. The write-offs are associated with the troubled energy division, which received a loss of $10 billion in 2017.