Diversified conglomerate General Electric Co. (GE) announced that GE Capital's Chief Financial Officer, Jeff Bornstein, has been appointed as GE's CFO, replacing Keith Sherin. Further, the company has named Sherin as chairman and chief executive of GE Capital, succeeding Mike Neal, who is retiring. The appointments are effective July 1, 2013.
Currently a senior vice president and CFO of GE Capital, Bornstein joined GE in 1989 through the GE Financial Management Program and has held various positions in Aviation, Plastics, and Commercial Finance.
Sherin, who has been a member of the GE Capital board for 14 years, served as GE's CFO for 14 years, and a vice chairman since 2007. Sherin succeeds Neal, who is retiring after 34 years with the company in both Capital and Industrial businesses. Neal, who has been a GE vice chairman since 2005, would continue in that role through the end of 2013 to help with the transition.
According to GE, GE Capital has become a secure, focused financial services business, with a goal of reducing ending net investment from nearly $400 billion today to $300 billion - $350 billion by the end of 2014. GE Capital is believed to be a strong earnings contributor for the company, while providing excess cash to the parent company.
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