John Flannery, the new chief of General Electric, is backing away from the ambitious designs of his two predecessors, who steered the corporate giant and its conglomerate-style empire building for more than three decades.

Mr. Flannery, who became chief executive in August, left no doubt on Monday that the conglomerate era is long gone. The new G.E., he declared repeatedly in his first detailed presentation on its future, will be a smaller company with fewer businesses.

The operations up for sale include businesses that reach back to the days of G.E.’s founder Thomas Edison, like light bulbs and railroad locomotives. More than $20 billion in assets are earmarked for sale in the next couple of years.

In addition, to help pay for the remaking of the company, G.E. announced on Monday that it would cut its dividend, only the second time it has done so since the Great Depression. The quarterly payout will be sliced in half, to 12 cents a share.