GE (GE) Appoints CFO Sherin as CEO of GE Capital
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 0.7%
EPS Growth %: +203.7%
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GE (NYSE: GE) Chairman and CEO Jeff Immelt announced today 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, 54, 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.
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 earned his B.A. from the University of Notre Dame and an M.B.A. from Columbia University.
Sherin succeeds Mike 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.
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.
Jeff Bornstein, 47, 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. Bornstein received his B.S. in Business Administration from Northeastern University.
Sherin, 54, 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.
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 earned his B.A. from the University of Notre Dame and an M.B.A. from Columbia University.
Sherin succeeds Mike 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.
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.
Jeff Bornstein, 47, 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. Bornstein received his B.S. in Business Administration from Northeastern University.
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