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Fairfield, CT, United States, 2010/10/06 - GE (NYSE: GE) announced that Mark Vachon has been named vice president of ecomagination, GE’s sustainable business strategy that has invested $5 billion in clean tech research and development. NYSE: GE
GE announced today that Mark Vachon has been named vice president of ecomagination, GE’s sustainable business strategy that has invested $5 billion in clean tech research and development and generated $70 billion in revenues in its first five years.
Vachon, 51, is a 28-year veteran of GE and most recently served as President and CEO of GE Healthcare’s $9 billion America’s region, leading commercial activities in the United States, Canada and Latin America. As a key leader of GE's healthymagination initiative, Vachon also focused on strategic engagement of governments and clinicians to lower costs, improve quality and achieve greater access to healthcare.
“With his record of business leadership across GE and forging new partnerships, Mark joins ecomagination ready to achieve our goal of solving big global challenges by providing clean energy solutions and driving economic growth,” said GE Chairman and CEO Jeff Immelt. “As we work to achieve new goals in the next five years, growing our global partnerships and providing value to customers will be more important than ever. Mark is the right leader to get this done.”
Vachon previously served as President and CEO of GE Healthcare’s $8 billion Global Diagnostic Imaging organization headquartered in Waukesha, Wisconsin, providing world-class technology in imaging and diagnostics. He joined GE in 1982 as part of the company’s Financial Management Leadership program. He has provided leadership to a number of GE businesses including management positions at the Global Research Center and GE Appliances, serving as director of finance for GE Plastics-Europe, vice president of GE’s investor relations and executive vice president and CFO of NBC. Vachon joined GE Healthcare in 2003 as senior vice president and CFO. He was appointed a corporate officer in 1999.
Vachon is a graduate of Northeastern University in Boston, Mass., where he earned a bachelor’s degree in finance.
He succeeds Steve Fludder who held the position since October 2008.
About GE’s ecomagination
GE is driving a global energy transformation with a focus on innovation and R&D investment to accelerate the development and deployment of clean energy technology. Since its inception in 2005, more than 90 ecomagination-approved products (ge.ecomagination.com) have been brought to market with revenues reaching $18 billion in 2009. With $5 billion invested in R&D its first five years, GE committed to doubling its ecomagination investment and collaborate with partners to accelerate a new era of energy innovation. The company will invest $10 billion in R&D over five years and double operational energy efficiency while reducing greenhouse gas emissions and water consumption. As part of the initiative, GE launched “GE ecomagination Challenge: Powering the Grid”, a $200 million financial commitment challenging innovators to join in building the next-generation power grid.