General Electric Co.
is disbanding its Corporate Audit Staff program, a rigorous multiyear rotation through various divisions that the conglomerate has long used to groom future leaders.
The CAS program, a proving ground for young GE finance executives, dates back to the early 20th century. Employees worked long hours and traveled the world analyzing various business units, looking for waste or reviewing internal controls.
The end of the program is part of Chief Executive Larry Culp’s effort to simplify operations. GE has sold off assets, cut costs and shrunk the headquarters staff that oversee divisions such as GE Energy and GE Aviation. Last month, GE reported costs for its corporate operation dropped 9% in the third quarter to $275 million.
The change also was influenced by the company’s new finance chief, Carolina Dybeck Happe, who formally joined earlier this year.
The CAS program traditionally reported to the CFO. The full