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GE Names Vice Chairman John Rice to Lead GE Global Growth & Operations - The General Electric (NYSE: GE) Board of Directors has named John G. Rice to lead the company’s global operations. Rice, a GE vice chairman since 2005, will be in charge of GE’s growth outside the United States
GE Names Vice Chairman John Rice to Lead GE Global Growth & Operations

 

PRZOOM - /newswire/ - Fairfield, CT, United States, 2010/11/08 - The General Electric (NYSE: GE) Board of Directors has named John G. Rice to lead the company’s global operations. Rice, a GE vice chairman since 2005, will be in charge of GE’s growth outside the United States. NYSE: GE

   
 
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• Will oversee GE’s non-U.S. operations with focus on high-growth markets.
• More integrated local teams and intense market focus will accelerate GE global growth.

Rice will relocate to Hong Kong and his appointment is effective Jan. 1, 2011.

“John Rice has served customers, built partnerships and done deals around the world for more than 20 years,” said GE Chairman and CEO Jeff Immelt. “He is well known and respected by global business and government leaders and our employees. We are entering a period of great opportunity in global markets and, as a result, our teams must be more decentralized, faster and more local."

“We are raising the stature of everything global in GE,” Immelt said. “John will lead teams that will use our local domain strength and talent to execute our growth and export strategies.”

Rice, 53, will be responsible for all non-U.S. markets with particular emphasis on high-growth markets such as China, India, the Middle East and Brazil where he will accelerate GE’s efforts to meet customer needs with GE’s leading technology and services. In many of these markets, this includes GE’s “company to country” growth strategy in which GE works directly with governments to meet local needs.

“We expect global sales to be about 60 percent of GE going forward,” Immelt said. “Our global growth has expanded by about 15 percent a year for most of the past decade and we expect it to continue in the future,” Immelt said.

Rice will oversee 12 integrated local organizations that will include business development, commercial teams, finance, controllership and legal. This will include China, India, Southeast Asia, Latin/South America, Russia, Canada, Australia, the Middle East, Africa, Germany, Europe and Japan/Korea.

In his 32-year GE career, Rice has led two of GE’s most global businesses, Energy and Transportation. Since 2007, Rice had led GE’s Technology Infrastructure business, which included Aviation, Transportation and Healthcare. Those businesses will now report directly to Immelt and report financial results separately beginning in 2011. A full bio for Rice is available here.

Nani Beccalli, who has successfully built GE’s global team for the past nine years, will continue to lead Europe, Japan and Korea reporting to Rice. In addition, Beccalli will build and lead a new “One GE” approach in Germany, in which leaders from across GE’s businesses in that market report to Beccalli. GE established a similar “P&L” structure in India last year.

“We are able to take this next step in our growth as a global company because of the strong foundation that Nani Beccalli built over the past nine years,” Immelt said. “Germany offers significant growth opportunities for GE and we need an experienced leader like Nani to use his deep expertise and extensive network of contacts to build a ‘One GE’ approach in Germany.”

“With John’s and Nani’s leadership and more integrated local teams, we will be a better and more competitive global company – with more local business development, customer support, research and product development,” Immelt said.

Immelt has made improving GE’s global capabilities a priority since becoming CEO in 2001. In that time, GE has diversified and built its global resources, adding local talent, research and development capabilities and sales and marketing assets in growth markets. GE also has become one of the biggest exporters from the United States, selling more than $18 billion worth of U.S.-made goods and services outside America in 2009, up from $7 billion in 2001, for average growth of more than 12 percent. As a result of this global growth, GE has created thousands of new manufacturing jobs in the United States in the last two years.

GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.

Caution Concerning Forward-Looking Statements:
This document contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our estimates of liability for Grey Zone claims; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; strategic actions, including acquisitions, joint ventures and dispositions and our success in completing announced transactions and integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

Press Contact
Anne Eisele, GE
P: +1 203 373 3061 / M: +1 203 522 9045 / E: anne.eisele[.]ge.com.

 
 
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GE Names Vice Chairman John Rice to Lead GE Global Growth & Operations

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Contact: Trevor Schauenberg - GE Corporate 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

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