GE taps Repsol exec Zingoni as new CEO of power business

Sep. 20, 2022 10:35 PM ETGeneral Electric Company (GE)REPYY, REPYFBy: Carl Surran, SA News Editor19 Comments

General Electric Global Operations Center. Financial troubles have forced GE to seek buyers for many of its divisions I

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General Electric (NYSE:GE) said Tuesday it hired Repsol (OTCQX:REPYF) (OTCQX:REPYY) executive Mavi Zingoni to lead the company's power unit that comprises its gas, steam and nuclear power businesses.

Zingoni, who served as executive managing director of client and low carbon generation business at Repsol (OTCQX:REPYF) (OTCQX:REPYY), will assume her new job on January 1 and will be based in the U.S., Reuters reported.

The power business, which accounted for ~23% of GE's (GE) revenue last year, has been a drag on the company's results, failing to show a revenue increase in years and reporting a drop in orders during this year's H1.

However, the power business expects to report a profit this year with low single-digit revenue growth.

Zingoni will take on her new role as GE (GE) prepares to split into three public companies, including the planned tax-free spinoff of GE Vernova, its portfolio of energy businesses, in early 2024.

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