Just after GE appointed John Flannery to the new CEO for less than two days, GE Energy CEO Steve Bolze, GE's largest business unit, announced his departure. Bolze is also one of the four CEO candidates within GE. After he leaves, GE Energy will face a series of restructurings.
GE Energy's main business is the production of gas turbines, with revenues of US$26.8 billion in 2016, surpassing the aviation and medical businesses, ranking first in revenue. The 54-year-old Bolze wrote in a farewell letter to employees: "Not long ago, I and Immelt reached an agreement. If the CEO is appointed, I will not be elected, I will choose to retire from GE."
Bolze did not indicate where to go, but analysts speculated that he would either go to another company as CEO or might choose to work in private equity.
Bolze's departure is also reminiscent of the fact that when Immelt took over as Jack Welch 16 years ago, two seniors left, Jim McNerney and Robert Nardelli, who later became 3M and Boeing, and the leaders of Home Depot and Chrysler. .
Each CEO of GE has an average term of 12.5 years, and Welch has even served as a 20-year CEO. Therefore, the appointment of the CEO is a rare opportunity for every competitor. A Canadian representative in China said: "The career path of North American companies is very difficult every step of the way. The winner is the king. The loser is very normal. If you fail, you have to leave."
But this time the goal of GE's coaching change is very clear, and the probability and impact of high-level turnover will be minimized. In order to retain these high-level executives who lost in the competition, GE tried its best. Previously considered the CEO's most powerful contender, GE Chief Financial Officer Jeff Bornstein was not only promoted to the company's vice chairman, but also received additional equity incentives. If Bornstein stays with GE for the next five years, he will receive a $7.2 million stake.
The new CEO, Flannery, has an annual salary of $2 million and will receive a $3 million year-end award. In contrast, Immelt’s annual salary last year was $3.8 million and the year-end award was $4.7 million. Immelt, who is about to retire, had a total income of $21.3 million last year.
The company also expanded the scope of power of another CEO candidate, GE oil and gas business CEO Lorenzo Simonelli. Simonelli will be responsible for the integration of Baker Hughes and GE's oil and gas business.
For Bolze's energy business after GE's departure, the company has appointed Russell Stokes, who is currently responsible for GE Energy Connection, and the appointment of Stokes will take effect from July 3. Stokes began managing GE Energy Internet a year and a half ago, and he has been with GE for more than 18 years, heading GE's locomotive business.
GE said that in the third quarter of this year, energy will be merged with the energy interconnection sector, and GE Lighting, which is also part of the Energy Interconnect Group, is seeking potential buyers. The Energy Connect Group’s overall revenue last year exceeded $15 billion. However, the proportion of lighting in it is minimal.
Since Edison invented the first light bulb, founded Edison Electric Company, and later merged with Thomson-Houston to become GE, the lighting group has always been GE's most historic landmark business, and GE has long been reluctant to sell. However, as the profitability of the lighting business is worrying, and the strategic synergy with GE to create digital industrial products is not enough, GE has to "reluctantly cut love."
GE, Philips and Siemens' OSRAM, once known as "the world's three major lighting giants," are now facing enormous challenges. In August last year, GE announced the termination of its lighting business in Asia. GE Lighting subsequently unilaterally terminated its agreement with Chinese distributors, triggering a joint protest by more than 20 suppliers.
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