GE Capital, GE’s financial services business, is becoming four separate GE financial services businesses.
Effective Aug. 1, GE Capital will become GE Commercial Finance, GE Insurance, GE Consumer Finance and GE Equipment Management. GE Commercial Finance will do commercial equipment financing, while fleet services and Penske Truck Leasing will be under the GE Equipment Management umbrella.
"The reason for doing this is simple - I want more direct contact with the financial services teams," said GE Chairman and CEO Jeff Immelt. "GE's financial businesses generate 40 percent of the company's earnings…. With this simplified structure, the leaders of these four businesses will interact directly with me, enabling faster decision making and execution.”
Named to lead the four financial businesses are: Michael A. Neal, President and CEO, GE Commercial Finance; David R. Nissen, President and CEO, GE Consumer Finance; Arthur H. Harper, President and CEO, GE Equipment Management; and Michael D. Fraizer, President and CEO, GE Insurance.
Effective Aug. 1, GE Capital will become GE Commercial Finance, GE Insurance, GE Consumer Finance and GE Equipment Management. GE Commercial Finance will do commercial equipment financing, while fleet services and Penske Truck Leasing will be under the GE Equipment Management umbrella.
"The reason for doing this is simple - I want more direct contact with the financial services teams," said GE Chairman and CEO Jeff Immelt. "GE's financial businesses generate 40 percent of the company's earnings…. With this simplified structure, the leaders of these four businesses will interact directly with me, enabling faster decision making and execution.”
Named to lead the four financial businesses are: Michael A. Neal, President and CEO, GE Commercial Finance; David R. Nissen, President and CEO, GE Consumer Finance; Arthur H. Harper, President and CEO, GE Equipment Management; and Michael D. Fraizer, President and CEO, GE Insurance.
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