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Borgen stepped down as CEO following the September report, saying that although he was “cleared from a legal point of view” he held “the ultimate responsibility”. The scandal has emerged at the same time as a major government tax scandal and a fraud case in the Danish ministry for social affairs, undermining confidence in once trusted institutions and sparking calls for action from lawmakers. Wilkinson said that Denmark’s FSA financial regulator, which was not immediately available for comment, did not contact him before issuing a report on the allegations in May 2018 and called for Danish authorities to investigate the FSA’s role cufflinks shirts zara uk sale.
(Reuters) – General Electric Co (GE.N) shook up its ailing power business again on Monday, naming a CEO for its new gas-power division and bringing a veteran GE executive back from retirement to help cufflinks shirts zara uk sale. The changes mark another step in new GE Chief Executive Officer Larry Culp’s urgent effort to reduce heavy debt and restore profits at the 126-year-old, Boston-based conglomerate. It also highlights the problems at GE Power. Culp reorganized the division three weeks ago, separating its gas-turbine business from units that make coal- and nuclear-fueled power plants, power grids and other equipment..
“One of my top priorities is positioning our businesses to win, starting with GE Power,” Culp said in a statement. GE stock was down 1.1 percent at $7.94 in afternoon trading. The stock has fallen 56 percent this year cufflinks shirts zara uk sale. GE picked John Rice, a 39-year GE veteran who once headed its energy unit and retired last year, as chairman of gas power, reporting to Culp. Rice’s “knowledge of GE’s gas customers and management experience” will help him provide “mentorship” to the new gas power leaders and “position this business and the team for success,” GE said..
GE also named Scott Strazik, CEO of GE Power’s repair and maintenance business, to be CEO of Gas Power, overseeing both equipment sales and services. GE Power’s current Chief Executive Officer, Russell Stokes, will become CEO of other power activities. Strazik and Stokes also will report to Culp, GE said. Analysts said Rice’s experience would help, but were cautious about prospects for a quick improvement in power’s performance cufflinks shirts zara uk sale. “GE is desperate for leadership,” said Scott Davis, analyst at Melius Research, adding it was smart to bring Rice back..
Rice is “a smart, prudent guy who is known for not taking any unwanted risk,” said Nick Heymann, analyst at William Blair. “Rice knows the business, but there is no quick fix,” said Jeff Sprague, analyst at Vertical Research Partners cufflinks shirts zara uk sale. Stokes “was handed a mess that’s probably too big for one guy to fix,” Sprague said of the new structure. But, he added, “I don’t think this really changes anything.”. GE Power’s profits have plunged as demand for gas turbines has fallen, leaving GE, Siemens and Mitsubishi Hitachi Power Systems with overcapacity and fewer sales..