GE Names Heintzelman to Lead Oil & Gas Business
ATLANTA, GA.—July 13, 2011—GE Energy, which has grown from $29 billion in revenue to over $40 billion since 2006, announced today that Dan Heintzelman, currently CEO of GE Energy Services, has been named CEO of GE Oil & Gas. Heintzelman succeeds Claudi Santiago, who has served as CEO of GE Oil & Gas for the last 12 years and is retiring from GE (NYSE: GE) in December.
“Claudi Santiago has led GE Oil & Gas during a period when it became a global leader in its industry,” said GE Chairman and CEO Jeff Immelt. “Claudi’s strategy of investing wisely in core technology and expanding into areas to provide more complete solutions for our customers proved to be the right one for GE and investors.”
Immelt also stated, “Dan Heintzelman is exactly the right leader to succeed Claudi at Oil & Gas. Dan is one of GE’s most experienced business leaders and brings a unique mix of operational excellence and customer focus to the role.”
Steve Bolze, CEO of GE Power & Water, will now lead an expanded portfolio with the addition of Power Generation Services (formerly part of Energy Services) to the Power & Water business. With both the equipment and services businesses under his leadership, Bolze will lead a global organization that delivers full lifecycle solutions for power generation customers.
Dan Janki, currently GE Energy’s chief financial officer, has been named CEO of the newly formed business within Energy, GE Energy Management. This business will consist of technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries. Janki will be succeeded as Energy chief financial officer by Lynn Calpeter, currently chief financial officer for NBC Universal.
John Krenicki, GE vice chairman and CEO of GE Energy, said, “We have built an Energy business that is broader, deeper and more diverse than at any time in its 100+ year history. Just in the last few months, we’ve announced $11 billion of acquisitions, significantly expanding our portfolio, global footprint and capabilities. We have an opportunity right now to take advantage of the breadth and scale of our capabilities and ultimately deliver better solutions for our customers. And we are fortunate to have the bench strength in our leadership team to support this mission.”
In the last nine months, GE Energy has completed the acquisitions of Dresser, Inc; Wellstream Holdings; Lineage Power Holdings; and Well Support (from John Wood Group); and announced the proposed acquisition of Converteam. These high-tech companies complement GE Energy’s core technologies, enabling the business to broaden its offerings for vital industries and deepen its relationship with customers seeking more efficient, diverse, energy solutions. In the same time period, the business has announced three significant technology breakthroughs: the world’s most efficient wind turbine; the highest reported efficiency for thin film solar; and the first-of-its-kind power plant, the FlexEfficiency 50, engineered to deliver an unprecedented combination of flexibility and efficiency, thus enabling greater use of wind, solar and natural gas on the grid.
About GE
GE (NYSE: GE) is a diversified infrastructure and finance company taking on the world’s toughest challenges. From aviation and power generation to financial services, healthcare solutions, oil and gas and rail, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
About GE Energy
GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 95,000 global employees and 2010 revenues of $38 billion, GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
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