General Electric Co.’s decision to hand control of the rapidly growing oil and gas division to Lorenzo Simonelli is fueling speculation that its youngest top executive is a leading candidate to someday run the company.
General Electric Co.’s severance accord with retiring executive John Krenicki will keep him from competing with the company for three years. That may say more about his value than the $12.9 million in cash he will receive.
General Electric Co. agreed to buy most of Converteam from Barclays Private Equity Ltd. and LBO France for $3.2 billion to add equipment that helps electricity flow to the power grid from devices such as wind turbines.
Lack of U.S. and international energy policies is allowing trade barriers that curb the spread of so-called green technologies and make them more expensive, General Electric Co. Vice Chairman John Krenicki said.
Hess Corp., the oil company that’s in a proxy battle with billionaire Paul Singer’s Elliott Management Corp., said it will strip Chief Executive Officer John B. Hess of the chairmanship after its annual meeting next week.
General Electric Co. expects to double energy revenue from Saudi Arabia in the next five years by increasing sales of gas power turbines, curbing the amount of oil needed locally to produce electricity.