General Electric Co. said on Friday it plans to break its energy business into three standalone units later this year and said John Krenicki, a GE vice chairman who headed the combined business, will be leaving the company at the end of the year.
Krenicki, 50, has spent 29 years with the Fairfield, Connecticut-based company and in 2007 was named a vice chairman, one of GE’s highest ranks. He was CEO of GE Transportation in Erie from June 2000 to January of 2003.
Reuters is reporting that GE will split its energy arm, which had become its largest industrial unit with about $50 billion in projected 2012 revenue, into three separate pieces: GE Power and Water, headed by Steve Bolze; GE Oil and Gas, under Dan Heintzelman, and GE Energy Management, under Dan Jenki. All three will have the title of chief executive of their unit and report to GE CEO Jeff Immelt.