General Electric shares gain for a third straight session on Monday, company appoints Carolina Dybeck Happe as its next Chief Financial Officer

General Electric Co (GE) said on Monday that Carolina Dybeck Happe, currently Chief Financial Officer and Executive Vice President at A.P. Moller-Maersk, had been appointed as its next Senior Vice President and Chief Financial Officer, effective in early 2020.

General Electric shares closed higher for a third consecutive trading session in New York on Monday. The stock edged up 0.26% ($0.03) to $11.58, after touching an intraday high at $11.84, or a price level not seen since October 25th 2018 ($12.28).

Shares of General Electric Company have risen 59.14% so far in 2019 compared with a 25.00% gain for the benchmark index, S&P 500 (SPX).

In 2018, General Electric’s stock went down 56.62%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

Carolina Dybeck Happe is to head General Electric’s global finance organization and financial activities such as financial planning and analysis, accounting and controllership, internal audit, tax, treasury as well as investor relations.

“Carolina is a proven global CFO with a superior track record of delivering results and creating value. After a rigorous global search process, I’m excited to welcome Carolina to GE. She is a high-impact executive who brings a compelling blend of strategic and capital allocation discipline, well-honed operating skills, and transformational leadership abilities. She will be a strong partner as we execute our deleveraging plan and improve our operating results to position GE for sustainable, long-term value creation,” Henry Lawrence Culp, GE’s Chairman and Chief Executive Officer, said in a statement.

As GE had previously announced, Jamie Miller will transition from her current role as Senior Vice President and Chief Financial Officer and will part ways with the company after a smooth handover.

“Jamie Miller exemplifies the spirit and dedication of our entire organization. Over her many years and roles with GE, she has been a resilient, respected leader and a mentor to many, especially our finance organization. She has been instrumental in developing our portfolio strategy, furthering our efforts to make GE a more focused industrial company, and spearheading our deleveraging plan during a challenging period,” CEO Culp said.

Analyst stock price forecast and recommendation

According to CNN Money, the 16 analysts, offering 12-month forecasts regarding General Electric’s stock price, have a median target of $11.25, with a high estimate of $21.00 and a low estimate of $5.00. The median estimate represents a 2.85% downside compared to the closing price of $11.58 on November 25th.

The same media also reported that at least 10 out of 20 surveyed investment analysts had rated General Electric’s stock as “Hold”, while 8 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.