(Reuters) – Diversified manufacturer Eaton Corp on Tuesday named the head of its industrial sector businesses to replace longtime Chief Executive Officer Sandy Cutler who is retiring.
The manufacturer of electrical and power products said Craig Arnold, 55, will take on the transitional roles of president and chief operating officer on Sept 1. He will take over as chairman and CEO in June 2016. The departure of Cutler, who has been CEO since August 2000, has been long-telegraphed as he approached Eaton’s mandatory retirement age of 65.
NEW YORK (Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) is near an agreement to sell its private equity lending unit to the Canada Pension Plan Investment Board, Canada’s biggest pension fund, according to a source familiar with the matter, as the conglomerate takes a big step in a planned massive pullback from its finance operations.
The deal with the CPPIB is expected to include GE’s Antares Capital business, a middle-market lender for private equity- backed transactions, the source said. It does not, however, include all of GE’s U.S. sponsor finance business, such as the joint venture with Ares Management (ARES.N: Quote, Profile, Research, Stock Buzz), the source added.
ST. PAUL, Minn. (Reuters) – At a time when many companies are investing a smaller portion of revenues in research and development, 3M Co has given Chief Technology Officer Ashish Khandpur more to spend, and he is aiming at bigger targets.
Khandpur, a 20-year 3M veteran and chemical engineer who holds patents related to pressure-sensitive adhesives, is helping oversee a push to expand R&D spending to about 6 percent of revenue by 2017 from about 5.5 percent in 2012. That equates to about $160 million in additional spending annually.
May 27 (Reuters) – As General Electric Co seeks to
unload most of its finance assets, it is prioritizing the sale
of businesses that provide lending to U.S. and European private
equity firms, and to healthcare-related businesses, GE Capital’s
top executive said on Wednesday.
Because these businesses have a lot of “franchise
value…customers won’t do any business with us unless they know
who the owner is. We have to get those done quickly,” Keith
Sherin, chief executive of GE Capital, told an investor
conference in New York.
(Reuters) – General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) chief on Wednesday gave a faster timeline for the U.S. conglomerate’s massive finance asset sale as he more than doubled a target for benefits from its purchase of Alstom’s (ALSO.PA: Quote, Profile, Research, Stock Buzz) power equipment business.
GE, which announced plans last month to sell $200 billion in GE Capital finance assets, now expects to be largely done with the process by 2016 instead of finishing in 2017, Chief Executive Jeff Immelt told the Electrical Products Group investor conference on Wednesday.
NEW YORK/BRUSSELS (Reuters) – General Electric Co (GE.N: Quote, Profile, Research) said on Monday for the first time it would be willing to consider concessions in order to win European approval to acquire the power equipment unit of France’s Alstom (ALSO.PA: Quote, Profile, Research).
“We are willing to explore remedies to get this deal done even though again we believe in the merits of the deal,” Steve Bolze, president and CEO of GE Power & Water, the conglomerate’s biggest industrial unit, told Reuters in an interview.
NEW YORK/BRUSSELS, May 11 (Reuters) – General Electric Co
said on Monday for the first time it would be willing to
consider concessions in order to win European approval to
acquire the power equipment unit of France’s Alstom.
“We are willing to explore remedies to get this deal done
even though again we believe in the merits of the deal,” Steve
Bolze, president and CEO of GE Power & Water, the conglomerate’s
biggest industrial unit, told Reuters in an interview.
(Reuters) – General Electric Co on Monday announced collaborations with Qualcomm Inc and Apple Inc as it uses digital technology and the growing appetite for data to reinvigorate its 130-year-old lighting business.
With chipmaker Qualcomm, GE is offering retailers a way to connect with shoppers’ smartphones through technology embedded in LED light bulbs, the company said. One use of the “indoor positioning” technology could be to transmit customized coupons to shoppers depending on their store location.
(Reuters) – As his company gets closer to telling shareholders its plan for allocating cash, Eaton Corp Chief Executive Alexander Cutler said on Wednesday a recent call by a prominent asset manager to think long-term represented a “healthy voice.”
BlackRock Inc Chief Executive Officer Larry Fink earlier this month sent a letter to CEOs of the Standard & Poor’s 500 companies urging them to take a long-term approach to create value for shareholders or risk losing his firm’s support. Fink asked the companies to avoid short-term pressures created by the increasing activist shareholder activity of recent years.
April 29 (Reuters) – The lead director of DuPont said
on Wednesday it was not a surprise that proxy advisory firm ISS
recommended shareholders vote for two nominees backed by
activist Trian Fund Management.
ISS on Monday recommended that shareholders vote in favor of
Trian co-founder Nelson Peltz and another nominee, although it
did not recommend two others. DuPont’s annual shareholder
meeting is set for May 13.