Any details other than the official memo?
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Yes , the French guy ( Alstom alumnus) who òwes his position to his wife being a politician / senator is going to save GE
There is more to this announcement than most suspect.
1) Renewables to eliminate On Shore Wind HQ in Chicago/ Schenectady
2) Power Grids which consists of legacy GE Digital Energy with Grid part of Alstom will result in HQ layers eliminated
3) Power Conversion Assets of Hydro and Solar moved which leaves Large Motors under Power Portfolio
4) Energy Connections HQ resources effectively eliminated as well
5) All P&L’s eliminated with move to regional HQ’s with Paris Renewables HQ overall
6) Allows shift in resources to Paris to compensate for shortfall from promises after Alstom acquisition
7) US Onshore HQ in Chicago/ Schenectady to be impacted. Remaining Energy Connections/ Power Portfolio HQ resources in Atlanta to be Impacted. Grid Solutions HQ in Atlanta to be Impacted. Power Conversion associated resources to be impacted.
8) Power Portfolio to downsize with fewer HQ responsibilities as well as move of Gas Power to new biz
9) Indicated additional planned actions/ disposition for remaining Power Conversion HV Motors
10) Reduction of scale of resources and responsibilities for Russell and his associated leaders. Expecting downsize of remaining Power Portfolio and additional held for sale deals.