General Electric names Maersk's Carolina Dybeck Happe as its new CFO:
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Culp didn’t know Dybeck Happe before the search to fill the CFO position, which was announced in July, said Nicholas Heymann, an analyst with investment bank William Blair. But Culp saw a reflection of his own strategy for GE in Dybeck Happe’s work, including her support for smaller, central corporate teams and tight control of costs, Heymann said.
“We applaud CFO Jamie Miller for capably managing the role through what was arguably the toughest period in the company’s history,” said Deane Dray, a RBC analyst, in a client note on Monday. “Miller has been forced to make many tough decisions, including multiple dividend cuts, a $15 [billion] insurance reserve shortfall, write-downs of legacy Alstom businesses, a pension plan freeze, and many others.
GE, once synonymous with American manufacturing might, was founded in 1892 after the merger of the company of inventor Thomas Edison and the Thomson-Houston company and was one of the firstThe company has stumbled in recent years, slashing it dividend, missing profit targets and facing criminal and regulatory probes into its accounting practices.
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Swedish Executive Brings Global Experience, Outsider’s Perspective to GE Finance RoleMs. Dybeck Happe, the current CFO of Danish shipping giant A.P. Moller Maersk A/S, has managed large, global finance teams in a conglomerate structure. She has been a cost manager who has helped guide corporate transformation and has developed a reputation as a nimble communicator with investors.
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