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UPDATE 1-GE Power exec who lost out on GE CEO job retires

UPDATE 1-GE Power exec who lost out on GE CEO job retires
From Reuters - June 14, 2017

SEATTLE A top General Electric Co (GE.N) executive announced his retirement on Wednesday after failing to win the conglomerate's chief executive job.

Steve Bolze, the head of GE Power, lost out to John Flannery, head of GE's Healthcare division, to succeed Jeff Immelt as CEO, starting Aug. 1. Bolze's retirement is effective July 3.

GE said on Wednesday it will fold its energy connections business into its GE Power unit, and that connections chief Russell Stokes would lead the combined business.

Adding GE's energy connections business, which provides electric power distribution and conversion equipment, to GE Power will create a unit with $41.9 billion in revenue, based on 2016 results, making it the largest of GE's units.

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