General Electric Corp. is shuffling some of its top finance executives, according to an Associated Press report.
The company announced Wednesday (June 12) that CFO and vice chairman Keith Sherin will run GE Capital, the company’s finance division, effective July 1.
Jeff Bornstein, GE Capital’s CFO, will take over Sherin’s role as CFO of the larger corporation.
The move was prompted by the retirement of the current head of GE Capital, Mike Neal, who will stay on as vice chairman of the company until the end of the year.
Sherin, 54, has been GE’s CFO for 14 years. He will take over a division that generates enormous profits for GE. But the division faltered badly during the financial crisis. Since then, GE has been working to shrink and simplify the division.
Separated from GE, GE Capital would be among the nation’s biggest banks, with $538 billion in assets. It offers financing to customers who buy GE products, issues credit cards that retailers offer customers, and extends commercial loans.
The company says it is trying to reduce what it calls GE Capital’s “ending net investment” to a range of between $300 billion and $350 billion by the end of next year, down from $400 billion now.
Bornstein, 47, has been CFO of GE Capital since 2008 and helped steer the division to firmer ground after the financial crisis.