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.
In its effort to divest most of GE Capital, GE signed $157 billion in transactions and closed transactions of $104 billion in ending net investment during 2015.
GE signed an agreement to sell its commercial lending and leasing business in Japan, including Capital Finance, Fleet Service and Vendor Finance, to Sumitomo Mitsui Finance and Leasing.
GE announced a final exchange ratio in connection with its offer to exchange GE common stock for Synchrony Financial common stock owned by GE. Goldman Sachs, J.P. Morgan Securities and others served as dealer managers for the exchange offer.
Reuters reported that in an interview, GE Capital CEO Keith Sherin said he expects the pace of GE Capital asset sales will accelerate in the third quarter.
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 said GE Capital CFO Jeff Bornstein will succeed Sherin as CFO of GE.
The Wall Street Journal reported that GE CFO Keith Sherin is expected to succeed Michael Neal as chief executive of GE Capital as early as this summer.
Bloomberg reported that GE agreed to pay $40 million to settle shareholder claims that the company misled them about the quality of its loan portfolio beginning in September 2008.