UPDATE: Alstom Launches 'Major' Rejig; Joubert Named As Deputy

French power engineering and train company Alstom SA (ALO.FR) Wednesday said it is reorganizing in order to develop faster, announcing changes that included a new split of its power businesses and the nomination of a deputy chief executive.

Alstom said its board has approved Chief Executive Patrick Kron's proposal for a "major change" to the company's organization, due to take effect on July 4.

Philippe Joubert, hitherto head of Alstom's power business, will become deputy CEO, the company said. Joubert's responsibilities will encompass company strategy and supervising its "international network."

Alstom also said it is splitting its power division into two sectors: thermal power and renewable power, with a view to simplification and to targeting specific markets.

Among the other changes, Alstom said Henri Poupart-Lafarge will head its transport division, moving from his previous position as head of its grid unit.

The new organizational structure will allow Alstom to "better anticipate the structural changes in its business," and "accelerate its development," it said.

Philippe Cochet, currently a senior executive in the company's power business, will head Alstom Thermal Power, which covers gas, steam and nuclear power generation.

The company said it has hired Jerome Pecresse, from Imerys (NK.FR), an industrial minerals company, to head its renewable power sector.

Gregoire Poux-Guillaume, a former Alstom manager, is to return to the company from CVC Capital Partners, and will head the grid business, Alstom said.

-By Adam Mitchell, Dow Jones Newswires, [phone]; [e-mail]