Shareholders should welcome the announcement that General Electric GE will become three companies. Using a mechanism called a spinoff — a tax-free dividend to GE shareholders of new shares in the separated businesses — CEO Larry Culp pursues value creation modeled by corporate titans from John Malone to Bill Stiritz and by companies from ITT ITT to Danaher DHR, which Culp used to run.

At GE, Culp is addressing a problem common to large corporations: a centralized command structure over multiple divisions.  Such cultures offer…

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