General Electronics cuts dividend to 1 pct share; splits power unit

General Electric Co slashed its quarterly dividend to just 1 cent per share and said it was reorganising its power unit into two businesses as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate.

GE reported a $22.8 billion loss for the third quarter on Tuesday due to a write-down in the value of its GE Power business.

"My priorities in my first 100 days are positioning our businesses to win, starting with Power, and accelerating deleveraging," Culp said in the results statement.

"We are moving with speed to improve our financial position, starting with the actions announced today. I look forward to updating you further on our progress in early 2019."

(With inputs from agencies.)