General Electric Co. said Wednesday it will combine its GE Power and GE Energy Connections units into one business called GE Power. The industrial conglomerate named Russell Stokes, current chief executive officer of GE Energy Connections, as CEO of GE Power, effective July 3. Steve Bolze, former CEO of GE Power, will retire after 24 years at the company and 11 years in his latest role. The move follows GE's announcement Monday that CEO Jeffrey Immelt will step down, to be replaced by John Flannery. GE'e stock, which edged up 0.4% in premarket trade, has dropped 10.0% year to date through Tuesday, while the Dow Jones Industrial Average has gained 7.9%.
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