General Electric Company (GE) has appointed Lorenzo Simonelli, currently head of GE Transportation, as new president and CEO of GE Oil & Gas to improve the unit’s business prospects.
GE Oil & Gas, which generated revenues of $15.2bn in 2012, was built through a series of acquisitions.
Apart from Simonelli, GE has appointed Dan Heintzelman as its new vice chairman, and Russell Stokes as new president and CEO of GE Transportation.
Sources close to GE’s thinking told the Wall Street Journal that the latest leadership changes are part of the company’s succession planning.
The position moves are directed towards enabling executives to gather required experience prior to moving ahead to accept senior roles.
Simonelli, who joined the company in 1994, served as CFO Americas for consumer and industrial unit, and has held leadership positions for appliances, lighting, electrical distribution and motors. His appointment will be effective 1 October 2013.
Jeff Immelt, chairman and CEO of GE, said: “Lorenzo transformed GE Transportation from a North American rail business to a global transportation equipment and solutions provider. His passion for technology, his global mindset and customer focus will help GE Oil & Gas continue to grow.”
Simonelli will succeed Dan Heintzelman, who has been appointed a vice chairman of GE.
Heintzelman, who joined GE in 1979, will work across GE’s industrial business to further strengthen its services, advanced manufacturing and product development capabilities.
Heintzelman, who has been president and CEO of GE Oil & Gas since 2011, also served as president and CEO of GE Energy Services. Previously, he led services at GE Energy and GE Aircraft Engines.
The company has also appointed Russell Stokes as new president and CEO of GE Transportation.
Stokes, who will succeed Simonelli as president and CEO of GE Transportation, most recently was vice president of global services at GE Transportation.
Previously, he was general manager for GE Aviation’s Global Sourcing Organization and has held finance, risk and business development roles in aviation and lighting.