Summary
General Electric (GE) announced significant leadership changes within its GE Capital segment and corporate finance team, effective July 1, 2013. Keith S. Sherin, previously Vice Chairman and CFO, has been appointed Vice Chairman and Chairman and CEO of GE Capital, succeeding Michael A. Neal who is retiring. This transition places Sherin, a long-tenured executive with extensive experience, at the helm of GE's financial services arm. Concurrently, Jeffrey S. Bornstein, who has been serving as Senior Vice President and CFO of GE Capital, will step into the role of Senior Vice President and Chief Financial Officer of GE. These appointments indicate a well-planned succession within the company's key leadership positions. Investors should note that both Sherin and Bornstein will maintain compensation structures commensurate with their enhanced responsibilities, suggesting continuity in their incentive alignment with the company's performance.
Key Highlights
- 1Keith S. Sherin appointed Vice Chairman, Chairman and CEO of GE Capital, replacing Michael A. Neal.
- 2Michael A. Neal retiring as Chairman and CEO of GE Capital; will remain Vice Chairman and executive officer until year-end.
- 3Jeffrey S. Bornstein appointed Senior Vice President and Chief Financial Officer of GE.
- 4Bornstein previously served as Senior Vice President and CFO of GE Capital.
- 5Sherin's prior roles include Vice Chairman and CFO of GE, and CFO of GE since 1999.
- 6New appointees' compensation will remain consistent with their seniority and scope of responsibilities.