GE names John Rice as chairman of troubled energy enterprise

GE names John Rice as chairman of troubled power business

Common Electrical named retired government John Rice on Monday as chairman of the conglomerate’s struggling fuel energy enterprise.

GE mentioned throughout its third quarter earnings that it could divide the facility division into two models: GE Gasoline Energy and GE Energy Portfolio. Rice will function chairman of the previous.

The corporate additionally introduced on Monday that Scott Strazik, president of GE’s energy providers enterprise, will function CEO of GE Gasoline Energy. On the identical time, GE Energy CEO Russell Stokes will shift to turn into CEO of the reorganized GE Energy Portfolio. The latter unit contains GE’s steam, electrical grid, nuclear and energy conversion companies.

“One in every of my high priorities is positioning our companies to win, beginning with GE Energy,” GE Chairman and CEO Larry Culp mentioned in an announcement.

Rice retired on the finish of 2017 after 39 years at GE. He faces a steep problem in his return to GE, as the corporate’s enterprise of promoting generators to fuel and coal-fired energy crops has been struggling lately. GE additionally took a $22 billion noncash cost within the third-quarter associated to acquisitions made within the energy enterprise.

“I stay up for working with John as he returns to GE and Scott and Russell of their new roles,” Culp mentioned.

Shares of GE rose 07 % in buying and selling, after buying and selling down as a lot as 1 % in premarket.

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