Keith Sherin has been named chairman and chief executive of GE Capital by Jeff Immelt, chief executive of the General Electric (GE) group, confirming rumours that circulated earlier in the week.
Sherin will take over from current incumbent Mike Neal who is retiring after 34 years at GE.
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Sherin has worked at the company since joining the GE financial management program in 1981, and has served on the GE board as senior vice president and chief financial officer of GE since 1998, becoming vice chairman in 2007.
He has also been a member of the GE Capital board over that time and was described in a GE statement as "being closely involved in the transformation of GE Capital into a more focused financial services business with solid earnings."
Jeff Bornstein, currently a senior vice president and chief financial officer of GE capital, will take over Sherin’s current role as chief financial officer of GE.
Immelt described Sherin as one of the most respected CFOs in the world and a "smart business partner".
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By GlobalData"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."
Immelt also thanks Neal for helping keep GE Capital "safe and secure" and transforming it into a "more focused and valuable business that is an important part of GE’s future."
These appointments will be effective from 1 July 2013.
