Kansas City, Ks. - General Electric Co. (GE) has unveiled a plan to reorganize its 11 business groups into six. The reorganization places GE's largest Kansas City area operation, GE Insurance Solutions, in the corporate giant's commercial financial services division, headed by Michael Neal. Neal, 52, previously was president and chief executive of GE Capital Corp. and has worked in a variety of GE jobs, both in the United States and overseas, since 1979. GE's insurance operations will continue to be headed by Ron Pressman, president of Insurance Solutions in Kansas City. The new commercial financial services group will also include the parent company's leasing, real estate, corporate financial services and health care financial services operations. The restructuring also touched GE's top management ranks. Three senior executives, including Neal, were promoted to vice chairman. The company did not disclose what changes, if any, the reorganization would mean for Insurance Solution's 850-member Kansas City area work force. GE says its Insurance Solutions, formerly known as Employers Reinsurance Corp., is the world's fourth-largest reinsurance company. The other divisions created by the realignment are GE Infrastructure, which includes energy, transportation and aviation manufacturing operations; GE Industrial, which includes industrial chemicals and technology operations; NBC Universal, the company's broadcasting and entertainment operations; GE Healthcare, which includes medical technologies; and GE Consumer Finance, a global collection of financial services providers. Securities analysts quoted by Reuters and other news services said that the changes play important roles in GE's transition to a more technology-driven company.
Source: The Kansas City Star
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