General Electric Company (NYSE:GE) announced that Brackett Denniston, GE’s general counsel and senior vice president, will retire from the Company at the end of 2015. Alex Dimitrief, currently senior vice president and general counsel for GE Capital, will assume the role of GE general counsel and senior vice president, effective November 1, and Brackett will focus on the Alstom transition and Appliances transaction through the end of the year.
Brackett has spent 19 years of distinguished service at GE, joining the company as vice president and senior counsel of litigation and legal policy in 1996. He was named general counsel in 2004 and senior vice president in 2005. In addition to his general counsel and senior vice president role, his recent GE leadership positions include: director of GE Capital Corporation and the GE Foundation; member of the Corporate Executive Council; and Chairman of the Policy Compliance Review Board.
After graduating from Harvard Law School, Brackett began his career as a law clerk for Judge Herbert Y. C. Choy of the United States Court of Appeals for the Ninth Circuit. He then worked as an associate and partner at Goodwin Procter LLP in Boston, where he specialized in complex civil litigation, securities matters and white collar crime cases. He served as chief of the major frauds unit for the U.S. Attorney’s Office in Massachusetts, where he was responsible for white-collar-crime prosecutions. Prior to joining GE, he served as chief legal counsel to Governor William F. Weld of Massachusetts.
“Brackett is a consummate strategic advisor who has helped the company through a volatile era, including 9/11, the financial crisis, the Alstom transaction, the Capital divestitures and many others. He is a strong partner, advisor and counselor to me, and a leader who does not shy away from the toughest of issues,” said Jeffrey R. Immelt, GE chairman and CEO. “Brackett has led with poise, prowess and a passion for the company and its people, and all those who have ever had the opportunity to work with Brackett will agree that he will truly be missed.”
Since late 2012, Dimitrief has served as senior vice president and general counsel for GE Capital. In that role, he has been a key leader in GE Capital’s reorganization and agreements to sell over $120 billion in assets since April 2015.
In his new role, Alex will lead GE’s global team of 5,000, who have been recognized by several external organizations in areas including ethics, use of technology, compliance, and general legal practices.
“Alex will be a great leader for our legal function and member of the executive team. I appreciate his candor and passion. He is known throughout the company for being smart, bold and committed to developing his people,” commented Jeff.
Alex joined GE in February 2007 as vice president for litigation & legal policy. He was responsible for litigation and enforcement proceedings against GE and all of its business segments. He also oversaw GE’s worldwide Compliance programs and served on GE’s Corporate Executive Council and Policy Compliance Review Board. In Alex’s next role, he served as vice president & general counsel of GE Energy from November 2011 – October 2012 where he oversaw the Legal and Compliance functions for GE Energy’s worldwide portfolio, including the Power & Water, Oil & Gas and Energy Management businesses. Alex then transitioned to GE Capital, where he has served as senior vice president & general counsel since November 2012 and played an integral role in the reorganization of the financial services businesses.
Alex came to GE from Kirkland & Ellis LLP, where he had been a trial lawyer in the firm’s Chicago and New York offices since 1986. His practice spanned many industries and subject areas, including securities, intellectual property disputes, environmental matters and products liability and bankruptcy litigation. He was a White House Fellow in the Reagan Administration’s Office of Political and Intergovernmental Affairs and an Honors Intern at the Department of Justice. He graduated from Yale College in 1981 with a degree in Economics & Political Science and earned his J.D. in 1985 at Harvard Law School, where he was the Managing Editor of the Harvard Law Review.(Original Source)
Shares of General Electric opened today at $27.97 and are currently trading up at $28.09. 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 $25.16 and its 200-day moving average is $26.03.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report released today, William Blair analyst Nicholas Heymann upgraded GE to Buy, with a price target of $32, which represents a potential upside of 14.4% from where the stock is currently trading. Separately, on October 5, Barclays’ Scott Davis maintained a Buy rating on the stock and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and Scott Davis have a total average return of 1.4% and -2.2% respectively. Heymann has a success rate of 54.5% and is ranked #2171 out of 3775 analysts, while Davis has a success rate of 50.0% and is ranked #3169.
Overall, one research analyst has assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.33 which is 8.4% above where the stock opened today.