Keith Sherin will retire from his post as GE vice chairman and GE Capital chairman and CEO on December 31. He will be replaced by Richard A. Laxer, current GE Capital international president and CEO, who will lead GE Capital as president and CEO effective September 1, 2016.

Sherin has led the transformation of GE Capital into a smaller, more focused company after a career in business leadership positions across GE, including 15 years as GE chief financial officer.

“For 35 years, Keith has dedicated himself to the General Electric Company. As a vice chairman, he has had a direct influence on the company’s direction, its financial health and its position as the world’s premiere digital industrial company. During his 15 years as GE CFO, Keith served with utmost integrity and provided a thoughtful steady voice as we navigated a world of volatility,” said Jeff Immelt, GE chairman and CEO. “Since April 2015, Keith has led the flawless execution of our strategy to reposition GE Capital. I thank Keith immensely for his relentless passion for 35 years to do right by all – our shareholders, customers and employees. Keith is a special leader, immensely talented yet humble. In the history of GE, few can match his impact.”

Laxer started his career in GE’s Financial Management Program in 1984 and has held leadership positions in Finance and later as CEO of major GE Capital businesses around the globe. He has been the leader of GE Capital’s international operations since 2009 and has been named a senior vice president of GE.

“We are very fortunate to have an executive of the caliber of Rich Laxer to succeed Keith Sherin in leading GE Capital,” said Jeff Immelt, GE chairman and CEO. “Rich has a long and distinguished track record of leadership at GE and is ideally suited to lead GE Capital in its new role supporting GE’s industrial growth.”

Going forward, GE Capital will consist of three global businesses: GE Capital Aviation Services, GE Energy Financial Services and GE Industrial Finance.