U.S. Markets closed

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

·1 min read

By Andres Gonzalez and Rajesh Kumar Singh

LONDON/CHICAGO, Sept 20 (Reuters) - General Electric 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, 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. (Reporting by Andres Gonzalez in London and Rajesh Kumar Singh in Chicago; editing by Richard Pullin)