GE Energy CEO John Krenicki to Join Private-Equity Firm

Date : 07/31/2012 @ 9:23AM
Source : Dow Jones News
Stock : General Electric Company (GE)
Quote : 28.28  0.0 (0.00%) @ 7:17AM

GE Energy CEO John Krenicki to Join Private-Equity Firm

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   By Victoria Stilwell 
 

General Electric Co.'s (GE) John Krenicki, chief executive of GE Energy, will join the private-equity firm Clayton, Dubilier & Rice LLC as a senior operating partner in January 2013.

Mr. Krenicki, 50 years old, will join the firm's team of senior operating executives responsible for helping portfolio companies grow revenue, improve operating efficiency and build management teams. The team also evaluates new investment opportunities.

Mr. Krenicki has led GE Energy since 2005, during which the segment doubled in size and profitability, and became GE's largest business. His responsibilities included supervision of GE's oil and gas, power and water, and energy management businesses.

Mr. Krenicki has been with GE for 29 years and also has served as the company's CEO of plastics and of transportation systems as well as vice president of lighting-Americas and of superabrasives.

"(Mr. Krenicki's) proven skills in operational efficiency, product innovation, international marketing, sales force effectiveness, geographic expansion, and talent management are a perfect fit with CD&R's value creation model that is based on helping businesses perform better," said the firm's Chief Executive Donald J. Gogel.

Clayton, Dubilier & Rice has managed the investment of about $17 billion in 52 businesses since it was founded in 1978. The firm's professionals include a combination of financial and operating executives. The firm's operating partners are supported by senior advisers, who include John F. Welch, former CEO of General Electric.

Shares of GE slipped 0.2% to $20.76 in recent premarket trade. The stock is up 16% in the last 12 months through Monday's close.

Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com

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