General Electric Company (NYSE:GE) announces the appointment of Mark Hutchinson as President & CEO of GE’s European region. He succeeds Stephan Reimelt, who has been appointed President & CEO, GE Power Conversion effective 19th October. Mark will report to John Rice, GE’s Vice Chairman and President & CEO of GE’s Global Growth Organization. In addition, Mark will retain his current position of Integration Leader for the Alstom transaction, GE’s largest-ever industrial acquisition. In this capacity, he will continue to report to GE CEO & Chairman Jeff Immelt.
Prior to his current role, Mark was President & CEO, GE Greater China, responsible for GE’s growth strategy and leading a team of 18,000 people across manufacturing, sourcing, sales and other functions. During his tenure in China, Mark developed and executed a shared growth strategy for all the GE businesses helping to drive double-digit growth year on year under his leadership. He is an officer and Vice President of GE and a member of the company’s Corporate Executive Council. A native of the U.K., he previously was head of Barclay’s Merchant Bank Asian project advisory team, based in Hong Kong.
Commenting, John Rice said: “This is an exciting time for GE and for GE in Europe as we transform the company into a leading digital industrial company. Mark is playing a key role in the GE Alstom transaction and we are pleased that he will continue to lead the integration process for GE.
We are fortunate to have someone of Mark’s calibre take the leadership of GE in Europe. He has made a career of building business teams and orchestrating development projects around the world. Mark combines a broad background as a global business leader with deep local knowledge earned on the ground in key markets where he has served.” (Original Source)
Shares of General Electric opened today at $24.69 and are currently trading down at $24.6093. GE has a 1-year high of $28.68 and a 1-year low of $19.37. The stock’s 50-day moving average is $24.85 and its 200-day moving average is $25.90.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on September 16, Credit Suisse analyst Julian Mitchell maintained a Buy rating on GE, with a price target of $31, which implies an upside of 25.6% from current levels. Separately, on August 24, Deutsche Bank’s John G. Inch maintained a Hold rating on the stock and has a price target of $29.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Julian Mitchell and John G. Inch have a total average return of 9.0% and 11.6% respectively. Mitchell has a success rate of 65.5% and is ranked #557 out of 3759 analysts, while Inch has a success rate of 71.4% and is ranked #659.