General Electric Company’s Chief Technology Officer, Mark Little, will retire at the end of the year after 37 years of dedicated service and leadership to GE. Mark was named Chief Technology Officer in 2005 and has led Global Research through a decade of global expansion and the launch of signature initiatives such as the Industrial Internet and Brilliant Factory.
This transition marks another chapter in GE’s transformation to become the world’s premiere Digital Industrial company. Enabled by a global exchange of knowledge and technology, through its Global Research network, GE is creating capabilities that fuel innovation and applications across our industrial sectors.
Succeeding Mark as head of Global Research will be Vic Abate, who is currently President and CEO of GE’s Power Generation business in Schenectady. Abate is a 25-year GE veteran.
Little said, “I’ve had an immensely fulfilling career with GE, particularly the last 10 as GE’s Chief Technology Officer. It has been an honor and a privilege to lead Global Research and what I truly believe is the world’s best team of scientists and engineers.”
Little added, “I am thrilled to see my close colleague and friend, Vic Abate, take the helm as GE’s next Chief Technology Officer and the leader of GE Global Research. At GE Power & Water, Vic built a multi-billion dollar wind business from the ground up and more recently has transformed our thermal business with some of the strongest growth numbers that the business has seen in years. As GE continues its transformation to a Digital Industrial company, I am excited to see the next generation of breakthroughs developed under Vic’s leadership to make the world work better.”
Abate said, “It’s an incredible honor to succeed Mark Little who has built a research powerhouse for the 21st century world. As GE transforms itself to become the world’s premier Digital Industrial company, the global exchange of knowledge and technology will provide the core building blocks to make all of GE’s business greater together and provide better outcomes. I am excited about the opportunity to work with this tremendously talented team and to see what we can innovate and create next.”
Abate will become only the 10th leader in GE Global Research’s 115-year history. As Chief Technology Officer, Abate will oversee GE’s nine global research center facilities and a global team of 50,000 engineers at Global Research and in the GE businesses. Abate’s team includes some of the world’s best scientists and engineers driving advanced technologies and digital competitive differentiation that are shared across GE’s businesses and influence further innovation across the company portfolio.
Joe Mastrangelo will succeed Vic Abate as the new President & CEO of Power Generation at GE Power & Water. Mastrangelo is a 22-year GE veteran who has built broad global operating experience across the energy industry, most recently leading GE’s Power Conversion and Turbomachinery businesses. (Original Source)
Shares of General Electric opened today at $24.87 and are currently trading down at $24.795. 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 $24.93 and its 200-day moving average is $25.89.
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 24.6% 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 9.4% and 11.7% respectively. Mitchell has a success rate of 66.7% and is ranked #560 out of 3766 analysts, while Inch has a success rate of 78.6% and is ranked #648.
Overall, 2 research analysts have assigned a Hold rating and 2 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 $30.67 which is 23.3% above where the stock opened today.