UPDATE 2-GE Appoints Repsol’s Zingoni as CEO of Power Business
(Adds GE comments)
By Rajesh Kumar Singh and Andres Gonzalez
CHICAGO/LONDON, Sept 20 (Reuters) – General Electric Co confirmed on Tuesday that it has hired Mavi Zingoni to lead the company’s power unit, which includes its gas, steam and nuclear power businesses.
Zingoni, who served as executive managing director of low-carbon generation and customer businesses at Spanish energy group Repsol, will report to Scott Strazik, who leads GE’s energy business portfolio.
She will take office on January 1 and will be based in the United States, according to an internal memo reviewed by Reuters, which first announced the appointment earlier on Tuesday.
Zingoni joins as the industrial conglomerate prepares to split into three state-owned companies.
GE plans to spin off its healthcare business in January next year. It will transform its energy business in 2024 into a standalone company, known as GE Vernova, which would combine electricity, renewables and digital units.
“His deep industry experience will play an important role in our future as we continue to work alongside our customers to accelerate the energy transition and work towards the planned spin-off of GE Vernova,” a GE spokesperson said. .
Zingoni faces the challenge of navigating GE’s energy business through a lingering supply chain and inflationary pressures.
The electricity business, which accounted for about 23% of the company’s revenue last year, is one of the company’s toughest businesses. It hasn’t seen 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 post a profit this year with low single-digit revenue growth. (Reporting by Rajesh Kumar Singh in Chicago and Andres Gonzalez in London; editing by Richard Pullin)