Some info on GE vs. GE Appliances. GE sold its appliance business to the Chinese firm Haier in 2016, so the CEO change at GE is totally unconnected to the great news of the expansion of the GE Appliance business. Haier produces under the GE trademark under a 40-year trademark agreement.
https://www.courier-journal.com/story/news/local/2016/06/06/haier-execs-lville-ge-appliance-park-sale/85459922/
GE Appliances sold to Haier
Jere Downs and Sheldon S. Shafer, The Courier-Journal
Published 12:24 p.m. ET June 6, 2016 | Updated 6:50 p.m. ET June 6, 2016
A $5.6 billion sale to Chinese appliance makers maintains GE Appliances brand & employee headquarters in Louisville
The sale of GE's Appliance Park and its 12,000-person U.S. Appliances business to Haier was finalized Monday in a deal that maintains the General Electric brand headquarters in Louisville as a property of the Chinese appliances giant.
The $5.6 billion deal severs Louisville's half-century-long ties to General Electric and flips ownership of one of the community's flagship employers to a major consumer electronics maker.
Roughly 6,000 people work at Appliance Park, about 3,800 unionized and 2,200 salaried employees. The good news for Louisville has been assurances that Haier (pronounced "hire") pledges to maintain the current management and workforce on Buechel Bank Road.
"GE Appliances will continue to be headquartered in Louisville … and operated independently under the day to day direction of the current management team," a Haier news release said.
General Electric Chairman and CEO Jeff Immelt said the company's exit from its appliances and credit businesses is key to transformation as a "simpler, more competitive company."
"The sale of GE Appliances is another step in the company's portfolio transformation and its mission to become the world's leading digital industry company," Immelt added in a release.
For GE workers, health-care coverage and company benefits at nine manufacturing plants in five states transferred to Haier Monday. New company signs have already appeared in and around Appliance Park, keeping the GE insignia as a Haier brand logo.
Chip Blankenship, president of CEO of GE Appliances, will retain that position and also become a new senior vice president of the Haier Group. He held a news conference late Monday afternoon at Monogram Hall at Appliance Park, where he read a statement and fielded numerous media questions.
He said the takeover by the Chinese entity was "very important for our employees and business. Haier loves appliances and shares our goals. I'm bullish on what the future holds with Haier as our parent."
He said Haier has the resources that GE Appliances needs to offer more products in more markets and that Haier can make the company more competitive on the global stage.
He said the management at Appliance Park is up to the challenge to be the best maker of the appliances in the world. The takeover, he said, will not change the company's passion for its customers, for solving problems, and for supporting its employees.
[more at website]
Pics, names, and dates of former GE CEOs (latest fired guy is shown at the very bottom of the page - kek!):
https://www.ge.com/about-us/leadership/past-leaders
Opinion column on GE (not GE Appliances owned by the Chinese), its CEO changes, and company problems:
https://www.fool.com/amp/investing/2018/10/01/ge-stock-soars-after-ceo-john-flannery-is-ousted.aspx