Energy, the Environment and Politics Political and thought leadership is strongly divided between those who support energy development and those who want to protect the environment. And, more often than not, government stands in the gap, trying to choose a side and setting the rules of engagement. The debate, at times, can become heated, partisan and extreme. Courtesy of GE

Fairfield, Conn., USA - July 20, 2012

General Electric Company (NYSE: GE) announced today that it will reorganize its Energy business into three standalone businesses effective in the fourth quarter of 2012.

The Energy headquarters organizational layer will be phased out by the end of 2012.
This change will speed decision making, reduce layers and decrease cost.

GE Energy Infrastructure includes approximately 100,000 employees and will have revenues of approximately $50 billion in 2012.

Jeffrey R. Immelt, Chairman and CEO of GE, since September 7, 2001. Courtesy of GE

The three new businesses will report directly to GE Chairman and CEO Jeff Immelt:

• GE Power and Water, led by GE Senior Vice President and Power and Water CEO Steve Bolze, is headquartered in Schenectady, NY.
It provides full lifecycle solutions for power generation customers, including renewable energy and water processing technologies. It will have approximately 41,000 employees and planned revenue of approximately $28 billion in 2012.


• GE Oil and Gas, led by GE Senior Vice President and Oil and Gas CEO Dan Heintzelman, is headquartered in Florence, Italy.
It provides equipment and services for all segments of the offshore and onshore oil and gas industry, including turbomachinery and drilling and surface, subsea, and pipeline equipment and services. It will have approximately 33,000 employees and planned revenue of approximately $15 billion in 2012.


• GE Energy Management, led by GE Senior Vice President and Energy Management CEO Dan Janki, is headquartered in Atlanta, Georgia.
It consists of technology solutions for the delivery, management, conversion, and optimization of electrical power for customers across multiple energy-intensive industries. It will have approximately 27,000 employees and will have planned revenue of approximately $7 billion in 2012.

GE Senior Vice President and Power and Water CEO Steve Bolze, is headquartered in Schenectady, NY. Courtesy of GE

GE will begin reporting separate segment financial results for these three businesses beginning with the fourth quarter of 2012.

GE today delivered its ninth consecutive quarter of strong operating earnings growth.

GE remains on track to deliver double-digit earnings growth in 2012 in its Industrial businesses, GE Capital and GE Energy.

GE Senior Vice President and Oil and Gas CEO Daniel Heintzelman, is headquartered in Florence, Italy. Courtesy of GE

Immelt said,
“Big companies are always fighting organizational complexity. We are taking action at a time when the Energy business is doing well. The business had a solid quarter with earnings up 13% and has a big backlog of great products. Removing layers is one way to reduce costs and increase our speed, focus and agility in the marketplace so we serve customers better.”

GE Senior Vice President and Energy Management CEO Daniel Janki, is headquartered in Atlanta, Georgia. Courtesy of GE

“This move will greatly simplify the way we communicate to investors and customers,” Immelt said.
“We have built three strong franchises with solid growth prospects for each in the future. Our Energy portfolio is well positioned for future growth, our commitment to having the best technology is paying off with customers and we will continue to invest in our growth and competitiveness capabilities.”

John Krenicki is a Vice Chairman of GE and the President and Chief Executive Officer of GE Energy. Courtesy of GE

GE Vice Chairman and GE Energy Infrastructure CEO John Krenicki will oversee the transition to the new Energy structure during the third quarter.
During the fourth quarter, he will continue to serve as a GE vice chairman and advisor to Immelt.

Krenicki has decided to leave the company at the end of 2012.

Jeffrey R. Immelt, Chairman and CEO of GE. Courtesy of GE

Immelt said,
“In his 29 years with GE, John Krenicki has always made decisions with the best interests of our shareholders and our customers first. The decision to simplify the Energy Infrastructure business shows the kind of leadership John has demonstrated over the years. He will leave behind a tremendous legacy of operating businesses, and developing talented leaders.”


About GE


GE (NYSE: GE) works on things that matter.
The best people and the best technologies taking on the toughest challenges.
Finding solutions in energy, health and home, transportation and finance.
Building, powering, moving and helping to cure the world.
Not just imagining. Doing. GE works.

For more information, visit the company's website at www.ge.com  

General Electric headquarters in Fairfield, Conn., USA. Courtesy of General Electric

GE Energy works connecting people and ideas everywhere to create advanced technologies for powering a cleaner, more productive world.

With more than 100,000 employees in over 100 countries, our diverse portfolio of product and service solutions and deep industry expertise help our customers solve their challenges locally.

We serve the energy sector with technologies in such areas as natural gas, oil, coal and nuclear energy; wind, solar, biogas and water processing; energy management; and grid modernization.

We also offer integrated solutions to serve energy- and water-intensive industries such as mining, metals, marine, petrochemical, food & beverage and unconventional fuels.


Press contacts

Jim Healy
james.healy@ge.com  

Deirdre Latour
GE Corporate, Director - Public Relations & Marketing Services
+1 203 373 2145
+1 203 231 8531 (mobile)
deirdre.latour@ge.com  



John Krenicki, Jr.

Vice Chairman of GE and the President and Chief Executive Officer of GE Energy

John Krenicki Courtesy of GE

John Krenicki is a Vice Chairman of GE and the President and Chief Executive Officer of GE Energy.
The businesses that comprise GE Energy include Power & Water, Oil & Gas and Energy Management.

Mr. Krenicki’s GE career began in the Technical Marketing Program, after which he held a number of leadership roles with GE Plastics and other materials businesses. He later served as Vice President of Lighting-Americas, Superabrasives and President & CEO of Transportation Systems.

In 2003 he was named a Senior Vice President of GE and the President & CEO of GE Plastics.

In 2005 Mr. Krenicki assumed his current role as the President & CEO of GE Energy, and in 2007 was appointed as a GE Vice Chairman.

He is a member of GE’s Corporate Executive Council and the GE Capital Board of Directors.

Mr. Krenicki earned a BS degree in Mechanical Engineering from the University of Connecticut and an MS degree in Management from Purdue University.

He is married with children.


Source: General Electric Company

http://www.genewscenter.com/content/default.aspx  



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