Who is replacing Jeffrey S. Bornstein as CFO and when?

Jamie S. Miller will become the new Chief Financial Officer, succeeding Jeffrey S. Bornstein, effective November 1, 2017. Mr. Bornstein will remain a Vice Chairman through the end of the year.

What is Jamie S. Miller's background and experience?

Ms. Miller joined GE in 2008 and has held several key positions, including Vice President, Controller and Chief Accounting Officer, Senior Vice President and Chief Information Officer, and most recently, President & CEO of GE Transportation. She has extensive experience in investor relations, financial planning, and IT strategy.

What are the terms of Mr. Bornstein's departure agreement?

Mr. Bornstein will enter into an agreement with GE that includes a 12-month non-compete clause. GE will provide up to 12 months of severance pay, eligibility for a 2017 annual bonus and prorated long-term performance award. Certain unvested stock options and restricted stock units granted before 2017 will vest in January 2018, with extended exercise periods for stock options. He will also vest in the GE Supplementary Pension Plan.

What are the financial implications for the departing executives, Mr. Rice and Ms. Comstock?

Both Mr. Rice and Ms. Comstock will receive their retirement benefits as outlined in GE's proxy statements. They will be eligible for their 2017 annual cash bonus and a prorated 2016-2018 long-term performance award based on company performance. Specific details regarding the vesting of previously granted equity awards and pension benefits are also provided for each executive.

GE 8-K: Leadership Changes

Summary

This 8-K filing from General Electric (GE) on October 9, 2017, announces significant leadership changes, including the retirement of two long-serving Vice Chairmen, John G. Rice and Elizabeth J. Comstock, effective December 31, 2017. This marks the end of extensive careers for both executives, with Mr. Rice retiring after 39 years and Ms. Comstock after 27 years. The most impactful change for investors is the appointment of Jamie S. Miller as the new Chief Financial Officer (CFO), effective November 1, 2017, succeeding Jeffrey S. Bornstein. Ms. Miller, previously the President & CEO of GE Transportation and CIO, brings a strong financial and operational background. The filing also details the compensation arrangements and retirement benefits for the departing and incoming executives, providing transparency on the financial implications of these leadership transitions.

Key Highlights

1Retirement of Vice Chairman John G. Rice (effective Dec 31, 2017) after 39 years of service.
2Retirement of Vice Chairman Elizabeth J. Comstock (effective Dec 31, 2017) after 27 years of service.
3Appointment of Jamie S. Miller as Chief Financial Officer (effective Nov 1, 2017), succeeding Jeffrey S. Bornstein.
4Jamie S. Miller has a strong background, including previous roles as CIO and President & CEO of GE Transportation.
5Mr. Bornstein will remain Vice Chairman through year-end and has entered into an agreement with GE, including a 12-month non-compete clause and specific compensation/vesting arrangements.
6Ms. Comstock will also enter into an agreement with GE, including a 12-month non-compete clause and specific compensation/vesting arrangements.
7Ms. Miller's base salary as CFO is increased to $1,450,000, a 7.4% increase.

GENERAL ELECTRIC CO 8-K Report, Executive Changes (Oct 10, 2017)

Summary

Key Highlights

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