NEW YORK, July 31, 2012 /PRNewswire/ -- Clayton, Dubilier & Rice, LLC today announced the appointment of John Krenicki, Jr. (50), Vice Chairman of GE (NYSE: GE) and the President and Chief Executive Officer of GE Energy, as a Senior Operating Partner based in New York effective January 2013. Mr. Krenicki also served as a member of GE's Corporate Executive Council and the GE Capital Board of Directors.
In his new role at CD&R, Mr. Krenicki will join the Firm's team of senior operating executives who are responsible for leading initiatives to help portfolio companies increase top-line growth, improve operating efficiency and build strong management teams, as well as identify and evaluate new investment opportunities.
"John is a gifted leader with an impressive record of taking on corporate transformations and driving operational improvement on both the cost and revenue sides of a business," said Donald J. Gogel, Chairman and Chief Executive Officer of CD&R. "His proven skills in operational efficiency, product innovation, international marketing, sales force effectiveness, geographic expansion, and talent management are a perfect fit with CD&R's value creation model that is based on helping businesses perform better."
"I look forward to adding my experience to CD&R's already considerable business-building skills," said Mr. Krenicki. "The Firm's strong values, distinctive combination of investment judgment and operating acumen, and its willingness to take on complex corporate transformations represent a compelling professional opportunity that was frankly too good to pass up."
CD&R's deep bench of operating partners is supplemented by senior advisors, including A.G. Lafley, former Chairman and Chief Executive Officer of Procter & Gamble, and Sir Terry Leahy, former Chief Executive Officer of Tesco plc, and John F. (Jack) Welch, Jr., former Chairman and Chief Executive Officer of General Electric.
Under Mr. Krenicki's leadership since 2005, GE Energy doubled in size and profitability to become GE's largest business with revenue increasing to approximately $50 billion in 2012 and representing roughly one third of GE's total profits. His responsibilities included oversight of GE's Oil & Gas, Power and Water, and Energy Management businesses, which employ more than 100,000 people in over 165 countries and produce products ranging from gas turbines, compressors, generators and pipeline and drilling solutions, to energy data management, digital energy, power conversion and flow technologies.
Mr. Krenicki successfully implemented a number of key growth and operational improvement initiatives at GE Energy, such as broadening of product offerings from selling gas turbines in the U.S. to a broad portfolio of solutions offered all over the globe, as well as expansion into emerging markets including China, Brazil, Russia, India and a number of Middle Eastern and African regions. He also oversaw over $11 billion of acquisitions, including Dresser Inc, Wellstream, Lineage Power, Well Support and Converteam over the past two years.
Mr. Krenicki's 29-year GE career began in the Technical Marketing Program, after which he held a number of leadership roles with GE Plastics and other materials businesses. He later served as Vice President of Lighting-Americas, Superabrasives and President & CEO of Transportation Systems. In 2003 he was named a Senior Vice President of GE and the President & CEO of GE Plastics. In 2005 Mr. Krenicki assumed his current role as the President & CEO of GE Energy. In 2008 he became a GE Vice Chairman.
Mr. Krenicki earned a BS degree in Mechanical Engineering from the University of Connecticut and an MS degree in Management from Purdue University.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice, LLC is a private equity firm with an investment strategy predicated on producing superior financial returns through building stronger, more profitable businesses. The Firm's professionals include a combination of financial and operating executives. Since inception, CD&R has managed the investment of approximately $17 billion in 52 businesses representing a broad range of industries with an aggregate transaction value of more than $80 billion. The Firm is based in London and New York. www.cdr-inc.com.
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