General Electric is leaving the Dow Jones Industrial Average after more than 100 years and will be replaced by Walgreens Boots Alliance, according to CNBC.
GE was one of the original companies included on the index in 1896 and has been a continuous member since 1907. David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said adding Walgreens to the Dow Jones is "more representative of the consumer and healthcare sectors of the U.S. economy," according to CNBC.
GE's stock has fallen more than 55 percent over the last year and is down 25 percent in 2018. The company is in the midst of a reorganization that includes the sale of many elements of the GE portfolio.
"We are focused on executing against the plan we've laid out to improve GE's performance," the company stated. "Today's announcement does nothing to change those commitments or our focus in creating a stronger, simpler GE."