Clayton, Dubilier & Rice has added another General Electric executive to its roster of operating partners. GE vice chairman John Krenicki will join the firm as a senior operating partner effective January 2013, the firm announced in a statement.
CD&R already counts GE’s former chairman and chief executive officer Jack Welch as a senior advisor, a role that supplements the efforts of the firm’s operating partners, according to a statement. Krenicki consulted with Welch prior to making his decision to join the firm, a source familiar with the matter told Private Equity International.
Krenicki has had a relationship with the firm for some time, the source said. His responsibilities will include leading and consulting portfolio companies on operational improvements, as well as evaluating and sourcing new deals.
CD&R chairman Donald Gogel cited Krenicki’s “proven skills” in operational efficiency, product innovation, international marketing, sales force effectiveness, geographic expansion and talent management as reasons for his appointment, according to a statement from the firm.
In addition to serving as vice chairman of GE, Krenicki had also been the president and CEO of the corporation’s energy business, which has doubled in size and profitability since he assumed leadership in 2005, according to CD&R. GE Energy is now the corporation’s largest business, with revenues of approximately $50 billion in 2012.
CD&R was founded in 1978. The firm has managed around $17 billion in investments across 52 businesses and maintains offices in New York and London.
Firm co-founder Joseph Rice stepped down from his role as chairman earlier this year. He announced his intention to relinquish the role in a letter to investors published by The New York Times in April.