American multinational company GE, much known for its global dominance in power, renewable energy, aviation and healthcare sector, has announced to onboard Mavi Zingoni as CEO of power business. This comprises GE's gas, steam and nuclear power businesses.
In her new role, Zingoni, who served as executive managing director of client and low carbon generation business at Spanish energy group Repsol, will report to Scott Strazik, who heads GE's portfolio of energy businesses.
According to the company, Mavi Zingoni will take over on January 1 and will be based in the United States. Zingoni joins at a time when the industrial conglomerate is preparing to split into three public companies.
GE plans to separate its healthcare business in January next year. It will spin off its energy business in 2024 into a stand-alone company, known as GE Vernova, which would combine power, renewable energy and digital units.
“Her 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 GE Vernova,” GE said.
Meanwhile, Zingoni faces the challenge of navigating GE's power business through persistent supply chain and inflationary pressures. The power business, which accounted for about 23% of company revenue last year, is one of the company's most challenging businesses. It has not reported a 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 report a profit this year with low single-digit revenue growth.
