GE chairman and CEO Jeff Immelt announced the appointment of Keith Sherin as chairman and CEO of GE Capital, succeeding Mike Neal, who is retiring. Immelt also announced that GE Capital CFO Jeff Bornstein will succeed Sherin as CFO of GE. The appointments are effective July 1, 2013.
Sherin has been GE’s CFO for 14 years and a vice chairman since 2007. He has been a member of the GE Capital board for 14 years and has been closely involved in the transformation of GE Capital into a more focused financial services business with solid earnings.
“Keith is one of the most respected CFOs in the world,” said Immelt. “He is a trusted colleague and a smart business partner. As a vice chairman of GE, he has played an integral role in defining our growth strategy, implementing our compliance programs and delivering value to our shareowners. His deep understanding of Capital’s people and operations will make him a strong leader for this business. Keith’s appointment underscores the importance of GE Capital to GE.”
Sherin has been senior vice president and GE’s CFO since 1998. He joined GE in 1981 through the GE Financial Management Program and has held senior financial positions in GE businesses including Aviation, Plastics and Medical Systems.
Sherin succeeds Neal, who is retiring after 34 years with GE in both Capital and Industrial businesses. Neal has been a GE vice chairman since 2005 and will continue in that role through the end of 2013 to help with the transition.
“Mike has led Capital for six years with a steady hand, a deep knowledge of markets and a focus on delivering results for Capital and for GE,” said Immelt. “Mike and his team helped keep GE Capital safe and secure and transformed it into a more focused and valuable business that is an important part of GE’s future. We are all grateful to Mike for his many contributions to our company.”
GE Capital has become a secure, focused financial services business, with a goal of reducing ending net investment (ENI) from approximately $400 billion today to $300-$350 billion by the end of 2014. With a leading position in midmarket lending, GE Capital will continue to be a strong earnings contributor for GE while providing excess cash to the parent company.
Bornstein is currently a senior vice president and CFO of GE Capital, a role he has held since 2008. He joined GE in 1989 through the GE Financial Management Program and has held senior financial positions in Aviation, Plastics and Commercial Finance.
“Jeff is well known and respected within the financial services industry and will be a terrific CFO, a position he has held at Capital for more than five years. He is a tough-minded leader with sharp analytical skills and a broad understanding of GE, having worked in many of our industrial businesses,” Immelt said.
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