The head of GE Power, Steve Bolze, has announced his retirement. The industry veteran first joined the company in 1993 as a manager with the company's M&A team. Bolze, reportedly long considered a candidate for the top job at GE, failed to secure that position from outgoing president & CEO Jeff Immelt, who will instead be succeeded by John Flannery, the head of GE Healthcare.
Russell Stokes will take over at GE Power starting on July 3 after 20 years with GE. For the past 18 months, Stokes has led GE Energy Connections and has previously been head of GE Transportation, where he delivered the most successful year in the division's history, per a press statement. He has also held senior roles in GE Lighting and GE Aviation.