With the retirement of the current chairman and CEO of GE Capital, General Electric (NYSE: GE ) says its CFO will assume those roles and his CFO job will be filled by the individual occupying the same position at GE Capital.
Chairman and CEO Jeffrey Immelt appointed GE CFO Keith Sherin to fill the chairman and CEO roles at GE Capital, with Sherin to be replaced by Jeff Bornstein, who currently serves as the financial division's CFO, the company announced today. The appointments are effective July 1.
Immelt said: "Keith is one of the most respected CFOs in the world. He is a trusted colleague and a smart business partner." He credited Sherin with playing an integral role in "defining our growth strategy, implementing our compliance programs, and delivering value to our shareowners" and said his appointment "underscores the importance of GE Capital to GE."
Sherin has served as senior VP and CFO since 1998, having joined the company in 1981 through the GE Financial Management Program. Since then, he's has held senior financial positions in various GE businesses including aviation, plastics, and medical systems. Sherin earned his B.A. from the University of Notre Dame and an M.B.A. from Columbia University.
Sherin succeeds Mike Neal, who is retiring after 34 years with GE. Neal will continue to serve as GE's vice chairman through the end of 2013 to help with the transition.
Bornstein is currently a senior VP and CFO of GE Capital, a role he has held since 2008. He also joined GE in 1989 through the GE Financial Management Program and has similar held senior financial positions in aviation, plastics, and commercial finance. Bornstein received his B.S. in business administration from Northeastern University.