GE Promotes 3, Prepares to Name Next CEO

General Electric Co. promoted three executives in its aircraft, medical and power businesses to the newly created positions of chief operating officer, preparing for possible departures after Chief Executive Jack Welch’s successor is selected. GE named David Calhoun, chief executive of its Employers Reinsurance, as chief operating officer of GE Aircraft Engines; Joseph Hogan, who runs electronic commerce at GE Medical Systems, to COO of that unit; and John Rice, chief executive of GE Transportation Systems, to COO of GE Power Systems. “These moves are a natural step in GE’s leadership succession plan,” Welch said. Last month he told analysts and investors that he expected the top candidates who don’t get his job to leave General Electric. Shares of Fairfield, Conn.-based General Electric fell $1.19 to close at $51.56 on the New York Stock Exchange.