General Electric Company (NYSE:GE) announced the appointment of Vishal Wanchoo as President & CEO of GE South Asia effective October 1, 2017. Vishal succeeds Banmali Agrawala, who is moving on from GE to join Tata Sons as President of its infrastructure, defence and aerospace business.
Speaking about this announcement, John Rice, Vice Chairman, GE Said “GE has been in this region for over 100 years, impacting lives of people through its various businesses. We have succeeded in building a robust team under Banmali’s leadership and have achieved key business milestones in the region. We would like to congratulate Vishal on his new role and are confident that Vishal will bring his experience as a senior leader in strengthening GE’s growth in the region. We would also like to take this opportunity to thank Banmali and wish him luck for his new role.”
“I am delighted and humbled to take on this new role. These are exciting times for GE and we are at the cusp of a significant transformation into a digital industrial company. I look forward to lead GE South Asia in its next chapter of growth”. Said President & CEO Designate, Vishal Wanchoo.
Vishal has been with GE for almost 20 years, where he started his career with GE in November 1997. Vishal has been a GE Officer since 2005 and has held several senior leadership positions in the company. Until now, Vishal Wanchoo was the Commercial Growth Leader for GE’s Global Growth Organization. Prior to his role as the commercial growth leader, Vishal was heading Business Development, Growth & Strategy for GE South Asia and earlier to that was running GE’s global Healthcare IT business (HCIT) in the United States.
Shares of General Electric closed yesterday at $24.6, up $0.11 or 0.45%. GE has a 1-year high of $32.38 and a 1-year low of $24.32. The stock’s 50-day moving average is $25.80 and its 200-day moving average is $28.24.
On the ratings front, GE has been the subject of a number of recent research reports. In a report issued on August 7, Cowen analyst Gautam Khanna reiterated a Hold rating on GE, with a price target of $24, which represents a slight downside potential from current levels. On July 25, UBS’s Christopher Belfiore assigned a Buy rating to the stock and has a price target of $31.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gautam Khanna and Christopher Belfiore have a yearly average return of 6.8% and 38.2% respectively. Khanna has a success rate of 64% and is ranked #813 out of 4611 analysts, while Belfiore has a success rate of 75% and is ranked #1637.
Sentiment on the street is mostly neutral on GE stock. Out of 13 analysts who cover the stock, 6 suggest a Hold rating , 5 suggest a Buy and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $28.25, which implies an upside of 15% from current levels.