The president and chief executive officer of newly formed oil services giant Baker Hughes, a GE company, has taken up the additional role as chairman of the board.
Lorenzo Simonelli was elected to the position effective on Monday.
Mr Simonelli will continue in his president and chief executive role, which he has held since the merger of Baker Hughes and GE’s Oil and Gas business on July 3.
He replaces former GE Chairman and CEO Jeff Immelt, who retired from the BHGE board of directors effective October 2.
Mr Simonelli said he was “honoured” to take on the additional role.
He added: “We have a differentiated fullstream portfolio, a great team and valued customers.
“We are making the right moves to compete in the down cycle and position the company for long-term value creation.
“I look forward to serving the board, the company and shareholders.”
In addition to Mr Immelt’s departure, BHGE board member Larry Nichols has announced his decision to resign from the board.
Mr Nichols served as a member of the legacy Baker Hughes Incorporated board, and for the past 16 years has provided counsel and board leadership.
With these two resignations, BHGE has reduced the size of its board to nine members and has named current GE-designee BHGE board member W. Geoffrey Beattie as the new lead director.
GE owns approximately 62.5% of BHGE, and retains five designated seats on the BHGE board.
John L. Flannery, Chief Executive Officer, director and Chair-Elect, succeeds Mr. Immelt as Chairman of the Board of GE.
Mr Flannery said: “BHGE is a valued and strategic energy business and an important part of the GE portfolio.
“With Lorenzo’s new chairmanship, the strong GE representation and the experience of the legacy Baker Hughes Incorporated board members, the board leadership is in good hands.”