GE Finance Chief Jeff Bornstein to Leave Company in High-Profile Shake-Up -- Update
October 06 2017 - 5:30PM
Dow Jones News
By Thomas Gryta
General Electric Co. said several of its top executives are
leaving the company, in a high-profile shake-up of the conglomerate
under new CEO John Flannery, who is under pressure to reboot the
company's business.
GE said its longtime chief financial officer, Jeff Bornstein,
will leave as will veterans Beth Comstock, the head of marketing
efforts, and John Rice, the company's top international executive.
All three will leave at year's end.
All three were top lieutenants to former CEO Jeff Immelt, who
stepped aside on Aug. 1. Mr. Bornstein was considered a potential
successor to Mr. Immelt and when Mr. Flannery was selected for the
top spot, GE said the two would work closely together and granted
him a special retention package.
GE said Jamie Miller, the head of the company's transportation
business, will take over as its chief financial officer starting
Nov. 1. Mr. Bornstein has spent 28 years at GE and in recent years
helped oversee the unwinding of its massive finance business.
"As John evaluates the strategy for GE and puts his leadership
team in place, he and I have concluded that this is the right time
to bring in a new CFO with a fresh perspective," Mr. Bornstein said
in a release.
Ms. Comstock is the company's top female executive. She has
spent 27 years at the GE, serving as its chief marketing officer
and recently heading its business innovations unit. Mr. Rice has
spent 39 years at GE, where he lead several of the business units,
and was recently tasked with expanding GE's overseas business.
More to come
Write to Thomas Gryta at thomas.gryta@wsj.com
(END) Dow Jones Newswires
October 06, 2017 17:15 ET (21:15 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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