GE has appointed Richard Laxler as president and chief executive officer of GE Capital, effective from 1 September 2015.

Keith Sherin, who led GE Capital’s transformation into a smaller, more focussed company, will retire on 31st December, after 35 years at the company.

Laxler first came to GE in 1984, joining its financial management programme. Since then, he has held leadership positions in finance and served as chief executive officer of GE Capital businesses around the world.

He was also named company officer in 2003, and is a member of GE’s corporate executive council. Laxler is also a senior vice president of GE.

GE announced that GE Capital will consist of three divisions in future, GE Capital Aviation Services, GE Energy Financial Services, and GE Industrial Finance.

Jef Immelt, GE chairman and chief executive officer said: “We are very fortunate to have an executive of the calibre of Rich Laxler to succeed Keith Sherin in leading GE Capital.

“Rich has a long and distinguished track record of leadership at GE and is ideally suited to lead GE Capital in its new role supporting GE’s industrial growth.”