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General Electric Appoints Maersk’s CFO as Finance Head

General Electric on Monday named finance head at shipper AP Moller-Maersk as its new chief financial officer in the newest…

By Luann Reagan , in Industry News News , at November 26, 2019 6:50 AM EST Tags: , ,

General Electric on Monday named finance head at shipper AP Moller-Maersk as its new chief financial officer in the newest top-level change aimed at turning around the U.S. industrial conglomerate.

Carolina Dybeck Happe will begin in early 2020 and replaces Jamie Miller, whose departure was declared earlier this year as new CEO Larry Culp seeks to analyze processes and generate money after booking billions of dollars in losses.

The corporate has been struggling with the fallout of a spate of poor long-term monetary bets, driving its share price as little as $6.4 last December from highs above $50 in 2000.

GE’s aviation business has further come under strain from the global grounding of Boeing’s 737 MAX, for which it manufacturers engines.

The corporate is betting on Happe’s experience at Maersk, where her focus was on lowering costs, as it expects to stabilize its power business, which has long been a nuisance for earnings.

The analysts added that while Happe doesn’t have much experience of extremely levered turnarounds, her focus while with Culp will likely be on improving money flow.

Other prime executive appointments Culp has made since taking over as chief executive in October last year include new heads for its gas energy business and global distribution.

However, Happe’s exit comes at a bad time for Maersk, the world’s largest container shipping firm, as it struggles with low freight charges and a slowdown in container delivery.

Maersk is still looking for a firm footing over three years after declaring a brand new technique that might see it sell-off its oil and gasoline business and focus solely on container and logistics services.

Shares of GE had been marginally up in early trading, while these of Maersk had been slightly down.