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GE appoints Repsol's Zingoni as CEO of power business - memo

By Andres Gonzalez and Rajesh Kumar Singh LONDON/CHICAGO (Reuters) - General Electric (NYSE:GE) Co has hired Mavi Zingoni as head of its power unit, which comprises gas, steam...
GE appoints Repsol's Zingoni as CEO of power business - memo © Reuters. The logo of U.S. conglomerate General Electric is seen on the company building in Belfort, France, October 19, 2019. REUTERS/Vincent Kessler
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By Andres Gonzalez and Rajesh Kumar Singh

LONDON/CHICAGO (Reuters) - General Electric (NYSE:GE) Co has hired Mavi Zingoni as head of its power unit, which comprises gas, steam and nuclear power businesses, according to an internal memo reviewed by Reuters on Tuesday.

Zingoni, who served as executive managing director of client and low carbon generation business at Spanish energy group Repsol (OTC:REPYY), will take over on Jan. 1 and will be based in the United States, the memo said.

GE did not immediately respond to a request for comment.

She joins at a time when the industrial conglomerate is gearing to split into three public companies.

GE plans to separate its healthcare business in January next year. It will spin off its energy business in 2024 into a new stand-alone company, which would combine power, renewable energy and digital units.

Zingoni faces the challenge of navigating GE's power business through persistent supply chain and inflationary pressures.

The power business, which accounted for about 23% of company revenue last year, is one of the company's most challenging businesses. It has not reported a revenue growth in years.

In the first half of this year, the unit also saw a drop in orders. However, the company expects it to report a profit this year with low single-digit revenue growth.

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29-09-2022 05:55:58 (UTC+7)

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    EUR/USD 0.9721 ↑ Sell  
    GBP/USD 1.0859 Sell  
    USD/JPY 144.24 ↑ Buy  
    AUD/USD 0.6513 Neutral  
    USD/CAD 1.3620 Buy  
    EUR/JPY 140.21 ↑ Sell  
    EUR/CHF 0.9498 Neutral  
    Gold 1,665.95 ↑ Sell  
    Silver 18.863 ↑ Sell  
    Copper 3.3782 ↑ Sell  
    Crude Oil WTI 81.80 Neutral  
    Brent Oil 87.98 ↑ Buy  
    Natural Gas 7.002 ↑ Sell  
    US Coffee C 227.80 ↑ Sell  
    Euro Stoxx 50 3,335.30 Neutral  
    S&P 500 3,719.04 ↑ Sell  
    DAX 12,183.28 Neutral  
    FTSE 100 7,005.39 Neutral  
    Hang Seng 17,250.88 Buy  
    Small Cap 2000 1,725.13 ↑ Buy  
    IBEX 35 7,442.20 Neutral  
    BASF 39.415 ↑ Buy  
    Bayer 48.19 Neutral  
    Allianz 160.72 ↑ Buy  
    Adidas 130.24 ↑ Buy  
    Lufthansa 5.772 ↑ Buy  
    Siemens AG 99.46 ↑ Buy  
    Deutsche Bank AG 7.854 ↑ Sell  
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