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Lorenzo Simonelli, new chief executive of GE's oil and gas unit

General Electric Wednesday named Lorenzo Simonelli as chief executive of its oil and gas unit.

Simonelli, 40, has been at GE for 19 years.

He was previously CEO of GE Transportation, a $5.6 billion business with 13,000 employees.

He joined GE from Mitsubishi Bank in 1994.

He replaces Dan Heintzelman, who becomes a GE vice chairman.

GE has spent over $14 billion since 2007 on oil and gas acquisitions.

It’s now the company’s fourth largest business and its fastest growing unit, with $15 billion in revenues.

Heintzelman, 56, had led the oil and gas business since 2011.