GE reportedly sells Crotonville as part of its corporate restructuring, marking a shift in corporate training paradigms.
GE Aerospace (NYSE:GE) was launched as an independent company following the spin-off of GE Vernova Inc. (NYSE:GEV).
For decades, the GE management academy at Crotonville, overlooking the Hudson River, hosted workshops and strategy sessions.
The famed academy, now owned by real-estate investors and family offices, has been sold for $22 million, according to a report from The Wall Street Journal.
GE has joined major companies like 3M Co (NYSE:MMM) and Boeing Co (NYSE:BA), which are divesting properties that were once used for employee training, per the report.
3M is seeking a buyer for its 600-acre retreat center, emblematic of past corporate culture whereas Boeing has auctioned its St. Louis property, hinting at the end of an era for in-person corporate training.
Salesforce Inc (NYSE:CRM) has offloaded its wellness retreat in favor of modern, remote training methods.
Companies favor remote and on-site training over traditional retreats, citing efficiency and cost-effectiveness.
GE's Larry Culp reflected on the necessity of divesting Crotonville in line with the company's restructuring.
Once frequented by GE executives, the site symbolizes an era of corporate leadership and development.
The site, now managed by Pyramid Global Hospitality, aims to continue its legacy as a hub for leadership and training.
Price Action: GE shares closed lower by 1.93% at $154.63 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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