Fairfield, Conn. — In an effort to accelerate company growth and profitability, GE is reorganizing its 11 current businesses into six industry-focused businesses, effective July 5.
The company’s major appliance business, which previously had been part of its consumer and industrial business, now will become part of the new industrial segment, which will include consumer and industrial, plastics, silicones/quartz, security and sensors, automation, and equipment services.
The newly formed industrial business segment will be headed by John Rice, named new vice chairman, who will act as an advisor to GE’s board of directors. Currently, Rice, an experienced GE leader, is president/CEO of GE’s energy business. His mandate is to accelerate the company’s efforts to improve growth rates, margins and cash in his new segment’s global businesses.
Lloyd Trotter, currently president/CEO of consumer and industrial, will remain in that position as it becomes part of the industrial segment.
The other five new GE business segments are infrastructure, commercial financial services, NBC universal, healthcare and consumer finance.
GE said the changes are the culmination of a long series of reviews with the GE board for well over a year, and that these changes will strengthen the management team, retain the best talent and broaden the experience base of the company’s next generation of leaders.
Reporting to the six businesses are 35 operating leaders, 40 percent of whom are global and diverse, said GE.