General Electric Europe Introduces New CEO

570 Lexington Avenue building also known as the General Electric Building, 570 Lexington Avenue, Manhattan, New York. Photo courtesy of Leonard J. DeFrancisci.

Peter Stracar will take over the reigns as the CEO for the European division of the industrial mega company General Electric Co.

Stracar will take over for Mark Hutchinson, who stepped down as of January 1st, 2018. The new CEO was the chief executive of GE Central and Eastern Europe beginning in 2013. The change comes on the heels of last year’s decision to revamp its company strategy, including the possibility of breaking up into smaller sub-companies.

Last week GE announced more than $11 billion in charges from its long-term insurance investments and the latest US tax laws.

Outside the US the European market is the company’s largest. GE has over 92,000 workers in over 900 branches throughout Europe. The company generates over $20 billon per year, with close to 30 percent of GE’s global patents filed in the European region.

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