The company said that John Rice, a retired GE vice chairman who spent almost four decades at the company, will return to serve as chairman of the GE Gas Power business. Scott Strazik, an 18-year veteran of GE and current president and CEO of GE Power Services, has been named CEO of the GE Gas Power business, reporting to GE Chairman and CEO Larry Culp.
Russell Stokes, the current president and CEO of GE Power, will serve as CEO of the GE Power Portfolio unit, reporting directly to Culp as well.
“I am confident this is both the right strategy and the right leadership team to ensure these businesses are best positioned for success,” Culp said.
Culp said that the proposed creation of GE Gas Power, a unified gas life-cycle business, will allow the unit to stay “closer to customers and markets while operating with more transparency and accountability.” The business will include GE’s record-breaking line of air-cooled gas turbines, the HA, among other technologies.
“Our technology produces a third of the world’s electricity,” Culp said. “We are providing safe, efficient, reliable and affordable power. This work matters.”
GE also named Dan Janki to lead the Transition Management Office. The company said that this office will comprise a small “tiger team” guiding the power businesses through the transition. Janki has spent more than 25 years in a variety of senior roles at GE Capital, GE Energy, GE Global Operations and the company’s corporate office. He will also report directly to Culp.
GE has been hard at work rebuilding its Power business. In early November, the research company McCoy Power Reports released its latest analysis of the global gas turbine market. In the third quarter of 2018, GE led other major competitors with 51 percent of market share by gigawatts across all segments. It also led the way in unit count, capturing 35 percent of gas turbines ordered during the first nine months of the year.
The company said that its flagship HA gas turbine remained the fastest-growing fleet of turbines in the world today, with 83 orders by 35 customers in 16 countries. The Power units have an order backlog of $94 billion, including $69 billion in service.
For important information about our forward-looking statements, please see here.