Just announced. Wonder if he's taking his goombas with him?
25 replies (most recent on top)
GE simply doesn't get it. The pseudo-intellectual culture is a cancer that will continue to destroy GE.
They are already going down a bad path as the interim replacement is the current CFO of the business. Enough with the CAS and finance manipulation game
Joe wasn't fired because things are going well. More layoffs will follow his departure.
How can a bean counter be the ceo of a technical division? Is it rocket science to see that he doesnt have product line experience!
CAS should be shrunk or disbanded!! They behave as if they are Gods of GE!
Mastrangelo was not the right person for the Gas Turbine P there is no one left that meets that requirement! I am sure one of the red shirt freshman from corp audit staff will step up and screw up what was always a profitable part of Power.
I feel for him & everyone else that is being trashed on here. Plus look how you are being trolled to give information. You should either get back to work or nominate yourself for the job since every is an expert. What I know is he tried & reading the comments he was right to hate Schenectady. Go look at dates when projects were sold & see if he was even in the job at that time. Get your facts straight & it's easy to call people names when you post without yours. GE is a great company.
Todd Smith was named as interim replacement. I know nothing about him.
Did the announcement say who's replacing him?
I was at the old Distributed Power. We did see that the market was moving away from centralized power and that renewables, energy storage and distributed energy resources would capture any incremental growth and in fact start to eat into operating hours of the thermal installed base. Bolze chose not to listen when it didn't square with the story he had spun to JRI. They ignored reality because of an inability to respond; Bolze, Calpeter, Abate, et. al. cruised into the iceberg and didn't even bother to spin the wheel.
Mr. Joseph R. Mastrangelo Jr., also known as Joe, served as the Chief Executive Officer of Power Generation Products and President of Power Generation Products for GE Power & Water at General Electric Company since September 2015. Mr. Mastrangelo served as Chief Executive Officer of Power Conversion of GE Energy Management at General Electric Company until September 2015. Over the past 16 years, he built broad operating experience across the energy value chain, leading mechanical and electrical technology businesses. Mr. Mastrangelo served as Vice President of the equipment division at GE Oil & Gas for General Electric Co. since January 2009. He has extensive experience across GE's Oil & Gas business. He has global responsibility for the equipment division's commercial operations and he led the Midstream (pipeline) business within the Florence-based organization. He joined GE through the Financial Management Program in 1993 and held roles of increasing responsibility in finance, rising to Executive Audit Manager on GE's Corporate Audit Staff. Mr. Mastrangelo holds a Bachelors of Science degree in finance from Clarkson University and an Associates of Science degree in Business Administration from Westchester Community College.
The previous comment is spot on. Don't promote people without product knowledge.
Good for stokes, get rid of him. He never impressed me. I guess there will be more EB and senior leadership seats open as stokes cleans house. There needs to a complete reset in this down market. The question is who replaces him and don’t be promoting people without product line experience.
This is what I feel. Steve Bolze had the ambition to replace Immelt. That's the reason he immediately resigned as soon as Flannery was chosen to lead GE. To remain in race for the top post, Bolze has hidden a lot of facts and figures from Immelt and GE Board. He continued to run GE Power as if every thing was normal....despite the shrinking market and his inability to turn the company around. Factories continued manufacturing turbines and generators and supply chain continued procuring raw material and we are now sitting on an inventory of $9bn!!!. Everyone has been pointing figure at Immelt...but I think Bolze is a bigger culprit in this disaster !!!
Did he take Abate’s old job?
"I guess his designs caused all the quality issues that made us miss the targets?"...you don't understand what has happened. We missed out revenue side cause we did not understand where the market was going and that is partly on Joe. We missed our margins from signing very aggressive contracts such as the one in Pakistan knowing some testing would not be complete, LD's were huge and the margins were small. I also think the Alstom integration distracted leadership from the market and our own internal execution. So quality issues are the result of the above and other decisions.
Why only him?
Who is Mastrangelo?
the failure to correctly forecast the market situation and demand
Bingo. This is by far GE's biggest problem. When it takes 1, 2 or even 4 years to get a new product to market, GE MUST be able to confidently predict the market. If it can't predict the market, it will either find itself late or over-staffed and over-capitalized.
So, now they are playing the blame game. "Hold Mastrangelo accountable! Are his flunkies gone? Hold them accountable too! Golden Parachute? Never!" None of that matters. What does matter is if they are getting better at predicting the market.
Unfortunately there is too much bad news in the future and GE doesn't like to tell itself bad news. It will bully the people who cover it and reward they people who explain why the bad news shouldn't be believed.
I guess his designs caused all the quality issues that made us miss the targets?
Good riddance. More need to fall...all the way down to EB.
He has missed his targets and was "pushed". The view from the engineering team is Joe did not understand the products nor had a clear strategy. The move is welcome depending who replaces him.
Did he decide to leave himself or he was pushed out?
Begs the question, since for the failure to correctly forecast the market situation and demand, none of the fat cats was pushed out (at least not without a golden parachute!!) and now they (if this is the case) made Mastrangelo the escapegoat of the situation....He was not able to meet the given targets....like the ones above him have met them all...this is a comical and tragic situation but potentially shows what's happening inside the company.