General Electric Company (GE - Free Report) recently announced some major changes in its management, including some organizational restructuring. Plagued by declining revenues in the Healthcare and Capital segment in the last reported quarter, the company expects this restructuring initiative to achieve organic growth and operational excellence.
General Electric announced that Thomas J. Westrick has been appointed vice president, Global Simplification, Controllership & Risk Management for GE Healthcare. Also, Jason D. Hanson, was named vice president and General Counsel for GE Healthcare. Further, James R. Fowler was appointed vice president and Chief Information Officer for GE Capital. The new executive leadership structure is likely to accelerate organic growth in each of the company's businesses and improve operational and financial efficiency going ahead.
In the last reported quarter, General Electric had also filed an initial public offering (IPO) of its North American consumer lending unit to shrink its finance business by 2015. The strategic move is arguably the biggest step in restructuring GE Capital’s portfolio to shield the parent company from intense market volatilities that plagued the market during the 2008-09 financial crisis. The spin-off will realign the corporate strategy of the company to a manufacturing-based entity with emphasis on medical equipment and scanners. With the spin-off, General Electric expects operating earnings from its industrial business to aggregate 70% of the total operating earnings of the company by 2015.
General Electric already has 194 officers globally who hold major functional positions to drive growth for the company. General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. GE Power & Water produces gas, steam and aero derivative turbines; generators; combined cycle systems; and renewable energy solutions, as well as provides water treatment services and equipments.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include CLARCOR Inc , Icahn Enterprises, L.P. and Noble Group Limited , each carrying a Zacks Rank #1 (Strong Buy).