Bloomberg News

GE Names China CEO to Lead Alstom Energy Unit Integration

July 03, 2014

General Electric Co. (GE:US) named Mark Hutchinson to lead the integration of Alstom SA’s energy units it’s acquiring in a $17 billion deal.

Hutchinson, chief executive officer of GE’s China business since 2011, will relocate to Paris to oversee the operations as the U.S. manufacturer looks to uphold its pledge to build an alliance with the French company, GE said today in a statement. GE secured France’s backing for the deal last month after agreeing to form joint ventures in several energy businesses and add 1,000 local industrial jobs.

“His deep knowledge of GE and experience in global markets make him the right person for this important role,” John Rice, GE’s vice chairman, said in the release.

Hutchinson, a native of England, ran an international real estate team for GE Capital before joining the China unit, according to his biography on GE’s website. He has worked in France previously, according to the bio.

GE is acquiring Alstom’s gas-turbine unit and creating joint ventures in the steam-turbine, renewable-energy and electrical-transmission businesses while selling its rail-signaling operations to Alstom. Fairfield, Connecticut-based GE said it expects to close the deal in 2015.

The agreement came after weeks of negotiations between GE and French officials, who called the initial bid unacceptable and suggested a preference for a competing proposal from Siemens AG. Under GE’s revised offer, France will take a stake of as much as 20 percent in Alstom.

Rachel Duan, head of GE’s health-care unit in China, will succeed Hutchinson as CEO of the region, the company said.

GE rose 0.9 percent to $26.85 at 12:35 p.m. in New York.

To contact the reporter on this story: Richard Clough in New York at rclough9@bloomberg.net

To contact the editors responsible for this story: Ed Dufner at edufner@bloomberg.net Molly Schuetz, John Lear


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