Citigroup’s Leadership Change, General Electric’s Coal Plant, Google Hiring in NYC
Citigroup (NYSE:C): Citigroup announced that Richard D. Parsons will not seek re-election to the board at the upcoming Annual Meeting of Stockholders in April. Parsons, who will remain chairman through the annual meeting, has been chairman since 2009 and a board member since 1996. The board, consistent with its pre-existing succession planning, intends to select Michael E. O’Neill to succeed Parsons as chairman following the stockholder meeting. In addition to Parsons, Alain J.P. Belda, a board member since 1997, and Timothy C. Collins, a board member since 2009, will not seek re-election to the board.
General Electric (NYSE:GE): A General Electric (NYSE:GE) unit plans to keep a coal plant in Homer City, Pennsylvania operating, reports Reuters. The Edison Mission unit had said it could not raise the $750M needed to upgrade the facility and now will most likely turn it over to GE Energy Financial Services.
Meanwhile, GE announced a contract with the leading German project developer Energiekontor AG for four wind power generating projects comprised of 41 2.75-103 wind turbines. Using a proprietary 50.2-meter blade with a proven aerodynamic shape, GE’s 2.75-103 wind turbine provides a larger blade swept area giving wind developers greater energy capture and improved project economics. GE expects to commission seven turbines in 2013 in North Rhine-Wesphalia and 34 turbines in 2013 in the Cuxhaven area.
Google Inc (NASDAQ:GOOG): As an example of a technology turning its focus on New York, Google added 750 people to its Manhattan office in 2011, the Wall Street Journal reports.
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