GE Replaces Flannery with New Chairman & CEO

GE named H. Lawrence Culp, Jr. chairman and CEO succeeding John Flannery. The GE board also appointed Thomas W. Horton as lead director.

General Electric to Cut Dividend 50%

General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.

Miller Replaces Bornstein as GE CFO; Rice, Comstock to Retire

Jamie Miller, CEO of GE Transportation, has been named the company’s chief financial officer, replacing Jeffrey S. Bornstein who will leave the company at the end of this year. GE Vice Chairs John Rice and Beth Comstock will also retire effective December 31, 2017.

IFA Adds Four to Advisory Board

The International Factoring Association added four new members to its eight-member board of advisors for two-year terms. Each member is an executive from a commercial finance company.

GE Capital Sells $3.6B Investment in Italian Bank

GE sold its shares in GE Capital Interbanca in Italy to Banca IFIS. The transaction represents an ending net investment of $3.6 billion.

GE, Baker Hughes Form 2nd Largest Player in Oilfield Services Sector

GE and Baker Hughes have entered into an agreement to combine GE’s oil and gas business with Baker Hughes to create the second largest player in the oilfield equipment and services industry.

S&P Cuts GE Ratings on Possible Acquisition-Related Debt

Bloomberg reported that due to concerns that GE may add debt in order fo fund future acquisitions, S&P Global Ratings cut the company’s credit rating

GE Completes Sale of AU & NZ Lending/Leasing Assets to Bain Capital

GE has completed its agreement to sell GE Capital’s Commercial Lending and Leasing portfolios in Australia and New Zealand to Bain Capital Credit.

GE Closes Sale of Franchise Finance U.S. Hotel Business

GE completed the sale of GE Capital’s Franchise Finance U.S. hotel business to Western Alliance Bank. The sale includes $1.3 billion in ENI and the majority of the hotel business employees.

State Street Nears Deal for GE’s Asset Management Business

Reuters reported State Street is nearing a deal to acquire GE’s $115 billion asset management business.