June 15, 2017
GE’s naming of John Flannery as CEO signals a shift that could reverberate across the company’s business lines. None more so than at GE Capital, now that the finance guys have assumed the reins of the Boston-based conglomerate.
Flannery, current president and CEO of GE Healthcare, was named CEO of GE, and GE CFO Jeff Bornstein was promoted to vice chair of GE. The pair have worked together for two decades in roles that included commercial lending and bank loans at GE Capital.
Retiring Chairman and CEO Jeff Immelt transformed GE into a simpler, stronger and more focused digital industrial portfolio aligned to key markets – power, aviation, transportation, healthcare and oil and gas. Under Immelt’s leadership, GE completed $260 billion of asset sales for GE Capital since 2015, and took stronger positions in energy, oil and gas, while shedding legacy businesses like GE Appliances, NBC Universal and GE Plastics.
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