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GE merges power units and appoints new President and CEO of GE Power

  • 7 months ago (2017-06-16)
  • David Flin
Distribution 11 North America 725

GE has announced that it will combine its power and energy distribution businesses to create its largest unit by revenue. This follows the retirement of Steve Bolze, former President and CEO of GE Power. Combining GE Power and GE Energy Connections will create a division with $41.9 billion in revenue, making it GE’s largest division, accounting for 30 per cent of its industrial revenue.

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Russell Stokes, current President and CEO of GE Energy Connections will take on the role of President and CEO of GE Power from 3 July, 1976. In this new role, Stokes will lead the integration of the GE Power and Energy Connections businesses into one unit, to be called GE Power.

The GE Power and Energy Connections businesses will report quarterly results as separate businesses for 2Q ’17, combining as one reporting entity in 3Q ’17.

The changes follow the promotion of John Flannery, chief of GE’s Healthcare division, as successor to GE CEO Jeff Immelt. Flannery, who takes over on 1 August, is conducting a review of GE’s business. The review could lead to further refocusing of GE’s portfolio, following the trend of the sale of its finance, appliances, and NBC Universal units. Flannery said GE will continue with its strategy of using software to increase the value of industrial equipment. GE plans to sell the lighting business that is part of the Energy Connections unit.

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