General Electric shakes up power unit leadership, taps retired executive to help

General Electric Co shook up its ailing power business again on Monday, naming a CEO for its new gas-power division and bringing a veteran GE executive back from retirement to help.

The changes mark another step in new GE Chief Executive Officer Larry Culp’s urgent effort to reduce heavy debt and restore profits at the 126-year-old, Boston-based conglomerate.

It also highlights the problems at GE Power. Culp reorganized the division three weeks ago, separating its gas-turbine business from units that make coal- and nuclear-fuelled power plants, power grids and other equipment.

“One of my top priorities is positioning our businesses to win, starting with GE Power,” Culp said in a statement.