October 2, 2018 / 5:17 AM / 20 days ago

PRESS DIGEST- Wall Street Journal - Oct 2

Oct 2 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

- General Electric Co fired Chief Executive John Flannery after 14 months in the job as deeper problems in the conglomerate's troubled power unit blindsided the board and caused GE to warn it would miss profit and cash targets. The company named board member Larry Culp, who became a director in April, its new chairman and CEO, effective immediately. on.wsj.com/2P2y5hb

- Pfizer Inc's Ian Read plans to step aside as chief executive after eight years of leading one of the world's biggest drugmakers, handing over the reins to deputy Albert Bourla, as the company seeks to boost sales in a tougher pricing and reimbursement climate for the industry. Effective Jan 1, Read will serve as the company's executive chairman indefinitely. on.wsj.com/2P1wvw0

- Longtime Facebook Inc executive Adam Mosseri is now the head of Instagram, the company announced Monday, following the abrupt resignations of the app's co-founders last week. The move comes after Messrs. Systrom and Krieger resigned last Monday afternoon after clashing with Facebook Chief Executive Mark Zuckerberg over a range of issues, according to people familiar with the relationship. on.wsj.com/2P3bCkh

- The executive at the helm of Google's juggernaut online advertising business is stepping down, a rare shake-up at the highest echelons of the search giant. Sridhar Ramaswamy, who has overseen ads at Google for the past five years, is taking a new role at venture-capital firm Greylock Partners, the investment firm said in a blog post Monday. on.wsj.com/2PaxtpG

- Lockheed Martin Corp is being challenged to deliver cheaper F-35 combat jets and could face penalties unless it improves delivery times, the military head of the program said Monday. The defense giant and the Pentagon reached a deal last week that prices the basic version of the next batch of planes at around $89 million each and had previously aimed to cut the price to below $80 million by 2020. on.wsj.com/2Rj3sG2

- Online personal-shopping company Stitch Fix Inc disclosed plans on Monday to expand to the UK as customer growth slows down in its home U.S. market. on.wsj.com/2Rj5eaa

Compiled by Bengaluru newsroom

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