GE to Shut Down Corporate Jet Fleet in Cost-Cutting Move

By FeaturesDow Jones Newswires

General Electric Co. executives will have to find new ways to fly around the globe.

The conglomerate is grounding its corporate fleet of jets as new CEO John Flannery continues to look for ways to slash costs at the industrial giant.

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Mr. Flannery is cutting spending in GE corporate operations, including unwinding the internal airline for corporate executives, effective Wednesday, according to a person familiar with the situation. GE will still operate some helicopters and other aircraft overseas, while using charter services as needed.

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(END) Dow Jones Newswires

September 20, 2017 11:52 ET (15:52 GMT)