GE Capital Chief to Retire After Pivoting GE's Finance Arm
August 30 2016 - 10:09AM
Dow Jones News
By Joshua Jamerson
General Electric Co. on Tuesday said Keith S. Sherin, chief
executive of its financial services unit GE Capital, will retire at
the end of the year, capping a 35 year career at the industrial
conglomerate.
Richard A. Laxer, the head of GE Capital's international
operations, will succeed Mr. Sherin as CEO, effective Sept. 1. Mr.
Sherin, also GE Capital's chairman, will retire at the end of
December.
Mr. Sherin, 57, has led GE's lending arm as it transitioned to a
smaller footprint. GE Capital in June became the first big
financial institution to shed stricter post-financial-crisis rules
by dramatically shrinking its business. Mr. Sherin has said
regulator's decision to remove GE's designation as a "systemically
important" financial institution was a result of the transformation
of GE Capital into a "smaller, safer financial-services
company."
Mr. Laxer, 55, started out in GE's financial management program
in 1984 and has held several leadership positions. He has led GE
Capital's international operations since 2009.
The company said GE Capital will operate under three segments:
GE Capital Aviation Services, GE Energy Financial Services and GE
Industrial Finance.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 30, 2016 09:54 ET (13:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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