Following a spate of acquisitions and a five-year $11 billion pop in revenue growth, GE Energy is moving around its top executives and forming a new energy management business.
The new GE Energy Management business will “consist of technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries,” the company said in announcing the changes today.
The technology, manufacturing, infrastructure and services giant has moved increasingly into efficient energy technology, and has in the last nine months added Dresser, Wellstream, Lineage Power Holdings and the Well Support business of the John Wood Group to its stable. It has also proposed acquiring Converteam, a global power conversion firm. Clean energy and renewable fuels integration is a major part of GE Energy’s technology push alongside the acquisitions, the company said.
Other moves include current GE Energy Services CEO Dan Heintzelman moving to become CEO of the oil and natural gas business, replacing retiring current CEO of that business Claudi Santiago. Santiago held the high-profile position for 12 years.
Power Generation Services is being moved over to the Power & Water business, headed by unit CEO Steve Bolze. Dan Janki, currently GE Energy’s CFO, is becoming CEO of the separate GE Energy Services unit. Lynn Calpeter, the current CFO at NBC Universal, is moving to become CFO of GE Energy, replacing Janki.
“Just in the last few months, we’ve announced $11 billion of acquisitions, significantly expanding our portfolio, global footprint and capabilities,” GE vice chairman and CEO of GE Energy John Krenicki said in announcing the changes.
Photo Caption: US President Barack Obama tours a General Electric Plant with GE Chairman and CEO Jeffrey Immelt (left) and plant manager Kevin Sharkey in January 21, 2011 in Schenectady, New York. They are standing in front of a generator.