GE’s New CEO Tells Investors Cutting Debt Comes First in Revamp

General Electric Co.’s new boss wants to reassure shell-shocked investors that he knows just how tough the past year has been -- and that he has a plan to turn things around.

In his first annual shareholder letter, Chief Executive Officer Larry Culp outlined his priorities as he tries to pull the iconic manufacturer out of a tailspin. After a chaotic 2018 marked by “weak execution,’’ Culp said he is looking to revamp the company’s power business and reduce debt.

“We are putting GE on firmer financial footing,” he said in the letter, which was released Feb. 26 along with ...