The General Electric Company, often criticized for the complexity of its structure and the resulting opacity of its numbers, said yesterday that it would break GE Capital, by far its largest business, into four businesses. The reorganization effectively eliminates the job of Denis J. Nayden, 48, the chairman of GE Capital. Each of the new units will have its own chief, who Will report directly to Jeffrey R. Immelt, G. E.s chairman. The reason for doing this is simple. I want more direct contact with the financial services teams, Mr. Immelt said.
The new businesses are GE Commercial Finance, GE Insurance, SE Consumer Finance and GE Equipment Management. Some support functions within GE Capital, including risk management and treasury, will now report to Dennis Dammerman, 57, a G. E. vice chairman who preceded Mr. Nayden as GE Capitals chlef. Mr, Nayden will remain at G. E. as an adviser for now, but is expected to leave shortly to start a financial services firm.
Mr. Dammerman insisted that the reorganization had nothing to do with the increasing clamor from investors, regulators and the news media for greater transparency in accounting and for chief executives to take more responsibility for businesses: Analysts seem to believe him. This is just what it appears to be, a managerial, reorganization which gives leaders more direct access to the office of the chairman, said Martin A. Sankey, a G. E. analyst.
The executives leading the new units will also sit on G.. E. s corporate executive council, a committee made up of the companys top 25 executives, which meets periodically and discusses various strategic and management issues.
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