General Electric Co. slashed its 2017 projections as new Chief Executive John Flannery started to outline his plans to restructure the struggling conglomerate, setting a goal to sell more than $20 billion of assets and cut an additional $1 billion in spending.

“Our results are unacceptable to say the least,” Mr. Flannery said on a conference call Friday, noting that he was reviewing whether the company could afford to maintain its current dividend payout. “Things will not stay the same at GE.”

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