WASHINGTON, Nov. 19 (Xinhua) -- U.S. engineering, manufacturing and power giant General Electric (GE) on Monday announced a new senior leadership team for the reorganization of its power business.

The Boston-based company said in its third quarter earnings report that it would reorganize its power division into two units, GE Gas Power and GE Power Portfolio.

John Rice, who served the company for 39 years and retired as GE Vice Chairman, will return to GE to serve as the Chairman of the GE Gas Power business, according to the announcement.

"In this role, John will leverage his global reach, knowledge of GE's gas customers and management experience to advise the GE Gas Power leadership team as it establishes itself as a standalone unit," GE said in the announcement.

Meanwhile, Scott Strazik, current President of Power Services, has been named the Chief Executive Officer (CEO) of GE Gas Power business.

Current CEO of GE Power, Russell Stokes, will be named the Chief Executive Officer of GE Power Portfolio, according to GE.

"The leaders we are announcing today are exceptionally well suited to lead our new Gas Power and Power Portfolio teams in their efforts to deliver better customer outcomes and improve their execution and cost structures," said Lawrence Culp, Jr., GE's Chairman and CEO.

"I am confident this is the right strategy and the right team to lead these businesses forward," he added.

GE is an American multinational conglomerate founded in 1892 by several business tycoons including Thomas Edison and J. P. Morgan. The company's businesses now include aviation, healthcare, power, renewable energy, digital, additive manufacturing, venture capital and finance, lighting, transportation, oil and gas.