GE China vet to lead Alstom tie-up
Mark Hutchinson, president and chief executive of GE’s Greater China operations, has been put in charge of integrating Alstom’s power and grids businesses into the US industrial giant.
Hutchinson, a UK native, and a veteran of GE’s capital markets team among other roles with the company, will relocate to Paris to take on his new role.
Two weeks ago Alstom’s board of directors accepted GE’s revised $13.5bn bid for most of its power-equipment business over a rival joint offer from Siemens and Mitsubishi Heavy Industries.
As part of the deal, GE and Alstom will form three joint ventures, including one in renewables – to be based in France, to have more than 8,000 employees, and to consist of Alstom’s offshore wind and hydroelectric units. Alstom’s onshore wind division will be swallowed by GE.
Hutchinson will take on an enormous task, with the Alstom deal representing the largest acquisition in GE’s history. Among other concessions, GE has promised to create 1,000 new jobs in France.
Hutchinson’s “deep knowledge of GE and experience in global markets make him the right person for this important role”, says GE vice chairman John Rice.
Rachel Duan, currently head of GE’s healthcare team in China, will take on Hutchinson’s role in China.