Company Update: General Electric Company (GE) Appoints Raghu Krishnamoorthy Chief Human Resources Officer
General Electric Company (NYSE:GE) announced that Raghu Krishnamoorthy, vice president of human resources at GE Healthcare, has been named Chief Human Resources Officer effective December 1, 2017. GE Senior Vice President and Chief Human Resources Officer Susan Peters will retire from GE on December 31, 2017 after 38 years of service.
Over the course of her career at GE, Susan Peters has been a leader in all areas of human resources across multiple business from GE Appliances to GE Plastics and GE Corporate. Most recently, as the Senior Vice President and Chief Human Resources Officer for the company, Susan redesigned learning & development and changed GE’s performance management system to help GE transform into a Digital Industrial company.
John Flannery, GE’s CEO and Chairman, said, “Susan is a selfless leader who has always put the company and our employees first. Her passion to help GE work in a simpler and faster way has made the company better. She has been an invaluable friend and advisor to me as I have transitioned into the CEO job.”
Raghu Krishnamoorthy joined GE in 1994 as Human Resources leader of GE Capital, India, after serving in organizations like American Express and the Xerox joint venture in India. In a career at GE spanning more than 20 years, Raghu has served in a variety of human resources leadership roles at GE businesses around the world, including GE Capital, GE Aviation, the Head of Executive Development and Chief Learning Officer for GE, and most recently at GE Healthcare. Krishnamoorthy has been the vice president of human resources at GE Healthcare since 2015. He received his M.B.A. from the Indian Institution of Management in Ahmedabad. In 1993, he also attended the University of Minnesota as a Humphrey Fellow under the Fulbright scholarship program.
John Flannery, GE’s CEO and Chairman, said, “I worked closely with Raghu when I was at GE Healthcare and saw firsthand how he can help to transform a culture to focus on candor, customers and growth. He is a visionary leader and I look forward to partnering with him in this new role.
Shares of General Electric closed yesterday at $17.90, down $1.12 or -5.91%. GE has a 1-year high of $32.38 and a 1-year low of $17.46. The stock's 50-day moving average is $22.22 and its 200-day moving average is $25.38.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report released yesterday, Cowen analyst Gautam Khanna assigned a Hold rating on GE, with a price target of $17, which implies a downside of 5% from current levels. Separately, on the same day, RBC's Deane Dray downgraded the stock to Hold and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gautam Khanna and Deane Dray have a yearly average return of 11.1% and 6.6% respectively. Khanna has a success rate of 73% and is ranked #453 out of 4705 analysts, while Dray has a success rate of 64% and is ranked #471.
Sentiment on the street is mostly neutral on GE stock. Out of 14 analysts who cover the stock, 6 suggest a Hold rating , 4 suggest a Sell and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $23.17, which implies an upside of 29% from current levels.
