Why GE removed John Flannery as CEO after little more than a year

General Electric’s board of directors removed John Flannery as CEO due to frustration with the pace of his turnaround plan for the embattled industrial conglomerate, sources familiar with the situation told CNBC. Flannery took on the job in August 2017.

“The board was unsatisfied with the execution that was taking place under John Flannery’s leadership,” CNBC’s Andrew Ross Sorkin said on “Squawk Box,” citing sources. GE installed former Danaher CEO Lawrence Culp as his successor.

The frustration among GE board members “hardened over the last several weeks,” Sorkin said. Part of that frustration was “with the lack of concrete decision-making made in a very short time frame,” CNBC’s David Faber added, citing sources.

Flannery’s removal “was not driven by the turbine issue” that was revealed Sept. 20 but instead was a reaction “to the slow pace of change,” Sorkin said. The company said it had discovered a problem with its newest line of natural gas-fired power turbines. Its board of directors met Wednesday to discuss how widespread the turbine failure was, according to The Wall Street Journal.

Flannery reportedly reassured employees that the company’s engineers had found a solution to the flaw and told staff to “fight for the company,” saying media reports overplayed the turbine failure.

GE shares rose 13 percent in trading after the announcement Monday.