GE names retired executive John Rice as chairman of troubled power business

General Electric named retired executive John Rice on Monday as chairman of the conglomerate's struggling gas power business.

GE said during its third quarter earnings that it would divide the power division into two units: GE Gas Power and GE Power Portfolio. Rice will serve as chairman of the former.

The company on Monday also announced Scott Strazik, president of GE's power services business, will serve as CEO of GE Gas Power while GE Power CEO Russell Stokes will shift to become CEO of the reorganized GE Power Portfolio.

"One of my top priorities is positioning our businesses to win, starting with GE Power," GE Chairman and CEO Larry Culp said in a statement.

Riced

Read the full press release here:

GE ANNOUNCES NEW LEADERSHIP IN POWER REORGANIZATION

• GE Gas Power: John Rice to return to GE as Chairman; Scott Strazik to serve as CEO
• GE Power Portfolio: Russell Stokes to serve as CEO

BOSTON – November 19, 2018 – GE (NYSE: GE) recently announced its intention to reorganize GE Power into two businesses—GE Gas Power, comprised of Gas Power Systems and Power Services, and GE Power Portfolio, comprised of the Steam, Grid Solutions, Nuclear, and Power Conversion businesses—and consolidate Power's headquarters structure to create a more simplified business structure that can best serve their customers. Today, GE announced the new senior leadership team, which will report directly to GE Chairman and CEO H. Lawrence Culp, Jr.

GE Chairman and CEO H. Lawrence Culp, Jr., said, "One of my top priorities is positioning our businesses to win, starting with GE Power. The leaders we are announcing today are exceptionally well suited to lead our new Gas Power and Power Portfolio teams in their efforts to deliver better customer outcomes and improve their execution and cost structures. I am confident this is the right strategy and the right team to lead these businesses forward."

John Rice, retired GE Vice Chairman, will return to GE to serve as the Chairman of the GE Gas Power business. In this role, John will leverage his global reach, knowledge of GE's gas customers and management experience to advise the GE Gas Power leadership team as it establishes itself as a standalone unit. John retired from GE after 39 years of service to the company. Over the course of his career, he led GE Energy, GE Transportation, GE's Global Growth Organization (GGO) and GE's Corporate Audit Staff. John's mentorship of the GE Gas Power leadership team and experience in the industry will position this business and the team for success.

Scott Strazik, current President of Power Services, has been named the Chief Executive Officer of GE Gas Power business. Scott has more than 18 years of operations and leadership experience. Prior to his current role in Power Services, Scott held senior leadership roles in GE's Gas Power Systems business including leading the Sales and Commercial Operations work as well as serving as the Chief Financial Officer. He graduated from Cornell University with a degree in Industrial Labor Relations and received a master's degree from Columbia University's School of International and Public Affairs with a focus on Economics and Public Policy.

Russell Stokes, current CEO of GE Power, will be named the Chief Executive Office of GE Power Portfolio. Russell is a 20-year GE veteran. Prior to this role, Russell led GE Energy Connections, GE Transportation and held senior roles in GE Aviation. He started his career in GE Lighting and has worked across a variety of functions, including finance, sourcing, services, and operations.

Culp, added, "I look forward to working with John as he returns to GE and Scott and Russell in their new roles. This strong team of leaders will set up the power businesses to win."

This story is developing. Please check back for updates.

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