General Electric shakes up power unit leadership, taps retired executive to help
6 years, 1 month ago

General Electric shakes up power unit leadership, taps retired executive to help

Live Mint  

General Electric Co shook up its ailing power business again on Monday, naming a CEO for its new gas-power division and bringing a veteran GE executive back from retirement to help. Rice’s “knowledge of GE’s gas customers and management experience” will help him provide “mentorship” to the new gas power leaders and “position this business and the team for success,” GE said. GE also named Scott Strazik, CEO of GE Power’s repair and maintenance business, to be CEO of Gas Power, overseeing both equipment sales and services. But, he added, “I don’t think this really changes anything.” GE Power’s profits have plunged as demand for gas turbines has fallen, leaving GE, Siemens and Mitsubishi Hitachi Power Systems with overcapacity and fewer sales.

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GE to end its run as a conglomerate, split into 3 companies
3 years, 2 months ago

GE to end its run as a conglomerate, split into 3 companies

Associated Press  

General Electric, the storied American manufacturer that struggled under its own weight after growing to become a sprawling conglomerate, will divide itself into three public companies focused on aviation, health care and energy. “The strategic rationale is clear: three well-capitalized, industry leading public companies, each with deeper operational focus and accountability, greater strategic flexibility and tailored capital allocation decisions,” wrote …

GE is saying goodbye to its 129-year-old light bulb business
4 years, 7 months ago

GE is saying goodbye to its 129-year-old light bulb business

CNN  

New York CNN Business — General Electric is saying goodbye to the light bulb. After years of failing to find a buyer, GE announced Wednesday it will sell its 129-year-old lighting division to smart home company Savant Systems. “Today’s transaction is another important step in the transformation of GE into a more focused industrial company,” GE CEO Larry Culp said …

GE pays $1.5 billion to finally resolve subprime loan allegations
5 years, 11 months ago

GE pays $1.5 billion to finally resolve subprime loan allegations

CNN  

New York CNN Business — Wall Street is betting the worst may finally be over for General Electric. “It’s a start, but we have much more work to do.” Power problems linger GE Power, which makes turbines used in natural gas and coal power plants has been the company’s biggest problem for years. “Fixing power will take time,” Culp said, …

General Electric seeks urgent asset sales as bond fears rise
6 years, 2 months ago

General Electric seeks urgent asset sales as bond fears rise

Live Mint  

New York: General Electric Co will sell assets with “urgency” to reduce its high debt, Chief Executive Officer Larry Culp said on Monday, as GE shares tumbled as much as 10 percent and the cost of insuring its debt hit a six-year high. “We have plenty of opportunity to do that through asset sales.” Culp said GE also was trying …

General Electric reports Q3 loss of $22.8 billion, cuts dividend
6 years, 2 months ago

General Electric reports Q3 loss of $22.8 billion, cuts dividend

Live Mint  

New York: General Electric reported a third-quarter loss of $22.8 billion Tuesday following a large asset write-down and cut most of its dividend as it seeks a turn-around under a new chief executive. The loss compares with profits of $1.3 billion in the year-ago period and is due to a $22 billion write-down announced when GE tapped H. Lawrence Culp …

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