GE Names Keith Sherin Chairman and CEO of GE Capital; Jeff Bornstein to succeed Sherin as CFO of GE

FAIRFIELD, Conn.--()--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.

“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 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.

“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.

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.

Said Immelt, “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.”

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

This document contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; potential market disruptions or other impacts arising in the United States or Europe from developments in the European sovereign debt situation; the impact of conditions in the financial and credit markets on the availability and cost of General Electric Capital Corporation’s (GECC) funding and on our ability to reduce GECC’s asset levels as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; changes in Japanese consumer behavior that may affect our estimates of liability for excess interest refund claims (GE Money Japan); pending and future mortgage securitization claims and litigation in connection with WMC, which may affect our estimates of liability, including possible loss estimates; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the adequacy of our cash flow and earnings and other conditions which may affect our ability to pay our quarterly dividend at the planned level; GECC’s ability to pay dividends to GE at the planned level; our ability to convert pre-order commitments into orders; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of financial services regulation; our capital allocation plans, as such plans may change and affect planned share repurchases and strategic actions, including acquisitions, joint ventures and dispositions; our success in completing announced transactions and integrating acquired businesses; the impact of potential information technology or data security breaches; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

Contacts

Media:
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Seth Martin
646-682-5602
203-572-3567 (cell)
seth.martin@ge.com
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Contacts

Media:
GE
Seth Martin
646-682-5602
203-572-3567 (cell)
seth.martin@ge.com
or
Russell Wilkerson
203-840-6420
203-581-2114 (cell)
Russell.wilkerson@ge.com