General Electric Company (NYSE:GE) announced that Sue Siegel, CEO of GE Ventures, has been named Chief Innovation Officer for GE, effective immediately.
As Chief Innovation Officer Siegel will be responsible for developing and accelerating GE’s long-term innovation strategy and will report directly to GE Chairman and CEO John Flannery. In this role Siegel will continue to lead GE Ventures, which is comprised of equity investing, licensing and new business creation. She will also serve as a member of the company’s capital allocation and portfolio management governance; and help expand the company’s efforts to grow, incubate, and accelerate horizontal, adjacent and transformational businesses.
John Flannery, chairman and CEO of GE, said, “Sue combines operational excellence with an entrepreneurial mindset to identify and unlock new value for GE. Her ability to spot new market opportunities; develop new business models, partner with the entrepreneurial ecosystem; and help make market-backed capital allocation decisions has made GE stronger. I look forward to working with Sue on the next chapter of growth at GE.”
Siegel has 30+ years of experience in the corporate and venture capital world as a business innovator, leader, operator, and venture capitalist. Sue trained as a biochemist and molecular biologist, earning her M.S. from Boston University. She serves on prominent Boards and is recognized in Fortune as one of “34 Leaders Who Are Changing Health Care” and as one of “The 100 Most Influential Women in Silicon Valley” by Silicon Valley Business Journal. She is an Aspen Institute Crown Fellow and was featured as a Multiplier in the book “Multipliers: How the best leaders make everyone smarter.”
Shares of General Electric are currently trading at $23.02, down $0.81 or -3.38%. GE has a 1-year high of $32.38 and a 1-year low of $22.10. The stock’s 50-day moving average is $24.08 and its 200-day moving average is $26.50.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report released today, Merrill Lynch analyst Andrew Obin upgraded GE to Buy, with a price target of $27, which represents a potential upside of 13% from where the stock is currently trading. Separately, on the same day, Morgan Stanley’s Nigel Coe downgraded the stock to Sell .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Andrew Obin and Nigel Coe have a yearly average return of 9.3% and 2.7% respectively. Obin has a success rate of 67% and is ranked #1031 out of 4703 analysts, while Coe has a success rate of 58% and is ranked #1873.
Overall, 3 research analysts have rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 5 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 $25.1 which is 5.3% above where the stock closed on Friday.