GE reorganizes, Hogan taking over as president and CEO of healthcare

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General Electric Co. announced today that it is streamlining its businesses from 11 operating segments into six -- a move aimed at cutting $200 million to $300 million in costs, Chief Executive Jeff Immelt said.
   
The six units are: GE Infrastructure, GE Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare and GE Consumer Finance.
   
The company also announced three new vice chairmen to help steer the company. Dave Calhoun will lead the infrastructure business which now includes energy, jet engine, rail and water, while Michael Neal will head commercial financial services. John Rice is leading the industrial unit, which now includes appliances, lighting, materials and security, sensors and automation, and equipment services businesses. Vice Chairmen Dennis Dammerman who heads GE's financial businesses will depart at the end of the year, while Bill Castell who heads GE Healthcare will retire in 2006. Joe Hogan is taking over as president and CEO of GE Healthcare in July, based in Europe, but Castell will retain his chairmanship. NBC Universal is left unchanged, with GE Vice Chairman Bob Wright at the helm. The same is true of Consumer Finance led by Dave Nissen.