January 17, 2018 / 10:10 AM / 9 months ago

GE appoints new CEO for Europe

(Reuters) - Industrial conglomerate General Electric (GE.N) has appointed Peter Stracar chief executive and president of its European region, the company said in a statement.

FILE PHOTO - The ticker and logo for General Electric Co. is displayed on a screen at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on June 30, 2016. REUTERS/Brendan McDermid/File Photo

Stracar, has been chief executive of GE Central and Eastern Europe since 2013, succeeds Mark Hutchinson, who the company said was retiring from GE as of Jan. 1. (bit.ly/2mH0tZn)

The U.S. conglomerate, which launched a major rethink of its business late last year, indicated on Tuesday it was looking closely at breaking itself up as it announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws.

Europe is the company’s largest market outside the United States and currently employs over 92,000 employees at over 900 locations across the region, generating revenues of more than $20 billion. About 30 percent of GE’s global patents are filed in Europe.

Reporting by Sanjana Shivdas in Bengaluru; editing by Patrick Graham

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