NEW YORK – General Electric Co. has named Chief Financial Officer Keith Sherin to lead the company’s finance unit, succeeding the retiring Mike Neal, as GE Capital sheds assets and comes under heightened regulatory oversight.
The appointment is effective July 1, the Fairfield, Conn., company said last week in a statement. Sherin will be succeeded at the parent company by GE Capital CFO Jeff Bornstein.
The transition follows the Federal Reserve’s determination last week that GE Capital poses a potential risk to the U.S. financial system. Sherin also will lead efforts to further shrink the unit as GE CEO Jeff Immelt focuses on boosting profit from industrial products.
Sherin is a trusted colleague and a smart business partner, Immelt said in the statement. Keith is one of the most respected CFOs in the world.
Sherin has been GE’s finance chief since 1998, after joining the company in 1981. Bornstein has been GE Capital’s CFO since 2008 and has been with the parent company since 1989.
Neal will continue as a GE vice chairman through this year, the company said.
Neal has led GE Capital since July 2005, steering it through the 2008 financial collapse and then a recovery.
The unit got a capital infusion from GE and turned to government programs to bolster its access to credit as markets froze in the wake of Lehman Brothers Holdings Inc.’s bankruptcy.