General Electric Company (NYSE:GE) announces the appointment of Peter Stracar as President & CEO of GE’s European region. He succeeds Mark Hutchinson who announced his retirement from GE effective Jan 1. Peter will report to Alex Dimitrief, President & CEO of GE’s Global Growth Organization (GGO).
Prior to his current role, Peter has been the CEO of GE Central and Eastern Europe (CEE) since 2013, responsible for GE’s growth strategy and leading a team of more than 20,000 people across manufacturing, sourcing, sales and other functions. During his tenure in CEE, he developed and executed a shared growth strategy for all the GE businesses helping to drive steady growth year on year under his leadership. A native of the Czech Republic, he previously was President of Hilti Corporation’s Asia Pacific business, based in Hong Kong.
Commenting, Alex Dimitrief said: “With the appointment of Peter Stracar to the role of CEO, GE Europe, I am very confident we have the right leader to drive the strategy for the next evolution of GE in Europe. He has the right tool set and experience to guide the company through these times of transformation. Peter will bring Western, Central and Eastern Europe teams together and even closer to our customers and markets in Europe, to continue to drive growth for the company.”
Europe is GE’s largest region and market outside the United States. The company currently employs over 92,000 employees at over 900 locations across the region generating revenues in excess of $20 billion. The region continues to be a hub of innovation with 30% of GE’s global patents filed in Europe.
Shares of General Electric are currently trading at $17.52, down $0.68 or -3.76%. GE has a 1-year high of $31.34 and a 1-year low of $17.25. The stock’s 50-day moving average is $17.97 and its 200-day moving average is $22.27.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report released yesterday, Stifel Nicolaus analyst Robert McCarthy maintained a Hold rating on GE, with a price target of $18, which represents a slight downside potential from current levels. Separately, on the same day, Oppenheimer’s Christopher Glynn assigned a Sell rating to the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Robert McCarthy and Christopher Glynn have a yearly average return of 17.3% and 12.2% respectively. McCarthy has a success rate of 83% and is ranked #212 out of 4748 analysts, while Glynn has a success rate of 71% and is ranked #87.
Overall, 4 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 3 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 $21.58 which is 18.5% above where the stock closed yesterday.