GE mixes it up
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Manufacturing News, Source : TheManufacturer.com
Published : 23 Jun 2005 19:53
General Electric announced that it will reorganize its 11 businesses into six industry-focused businesses: GE Infrastructure; GE Industrial; GE Commercial Financial Services; NBC Universal; GE Healthcare; and GE Consumer Finance.
GE Infrastructure will include Aircraft Engines, Rail, Energy, Oil & Gas, Water and the financial verticals associated with these industries. GE Industrial will include Plastics, Silicones/Quartz, Consumer & Industrial, Security & Sensors, Automation, and Equipment Services.
New vice-chairmen will lead three of the businesses: Dave Calhoun for Infrastructure; Michael Neal for Commercial Financial Services; and John Rice for Industrial. As vice chairmen of the company, they will act as advisors to the GE Board of Directors. All three are currently presidents and CEOs of GE businesses. In GE Healthcare, Joe Hogan has been named President and CEO. GE Vice Chairman Dennis D. Dammerman, who has been with GE for 38 years, will retire at the end of this year.
"These changes will accelerate GE's growth in key industries," GE CEO Jeff Immelt said. "We have been moving toward a more customer-focused organization for several years. In addition, we believe we can reduce $200-300 million of cost in savings and structural redundancies."
There was no word as to when and if the reorganization would lead to worker layoffs.
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