John Krenicki has taken less than two weeks to find a new job with a private equity firm after leaving General Electric amid the breakup of its energy business.
Krenicki rose to the heights of vice chairman at GE during his 29 years with the company, but left as the energy division he oversaw began to be split into three parts.
New York-based firm Clayton Dubilier & Rice wasted no time in hiring Krenicki as senior operating partner, although he will not start the job until January 2013.
CD&R chairman and CEO Donald Gogel said, “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.
“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.”
Krenicki joins a bank of senior advisors at the firm including former Proctor & Gamble CEO A.G. Lafley, ex-Tesco CEO Sir Terry Leahy and former GE chairman and CEO John Welch.
He said, “I look forward to adding my experience to CD&R’s already considerable business-building skills.
“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.”
Krenicki more than doubled the size and profitability of GE Energy during his seven years in charge, growing it into the company’s largest business with revenues of about $50bn.
He oversaw the oil and gas, power and water, and energy management businesses which employed more than 100,000 employees across 165 countries.
Including a secondary offering, CD&R sold all of its 86 million Sally common shares in four underwritten offerings in October 2011, February 2012, May 2012 and July 2012, and a share repurchase by Sally in May 2012, at an average price of $22.68.
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