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GE Finance Chief Steps Down as New CEO Remakes Management Ranks

Image: GE Finance Chief Steps Down as New CEO Remakes Management Ranks

Friday, 06 October 2017 05:15 PM

General Electric Co. Chief Financial Officer Jeffrey Bornstein will leave the company at the end of the year, stepping aside months after being passed over for the company’s top job.

The manufacturer named Jamie Miller, a nine-year company veteran who heads the locomotives business, to take over as CFO effective Nov. 1. Bornstein, who is also a vice chair, will leave GE on Dec. 31. Two other vice chairs, Beth Comstock and John Rice, will retire at the same time, the Boston-based company said after the close of trading Friday.

The moves show Chief Executive Officer John Flannery’s efforts to overhaul the management ranks amid pressure from activist shareholder Trian Fund Management. Flannery, 56, is expected to outline his plans for GE next month, potentially reshaping its portfolio of jet engines, gas turbines and ultrasound machines as he seeks to reverse this year’s stock slide, the biggest on the Dow Jones Industrial Average.

“It does look like a little bit of a housecleaning going on,” said Todd Lowenstein, a fund manager at Highmark Capital Management, which owns GE shares. “This is part of maybe a transformational move that people are hoping for at GE. I think you probably need some new blood in there.”

GE was little changed at $24.36 after the close of regular trading in New York.

Miller, 49, has also served as GE’s chief information officer and chief accounting officer. At the locomotives unit, she has been contending with slowing sales as railroads seek to cut costs.

Immelt stepped down as chairman Oct. 2, about three months ahead of schedule, handing that job to Flannery.

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General Electric Co. Chief Financial Officer Jeffrey Bornstein will leave the company at the end of the year, stepping aside months after being passed over for the company's top job.
general, electric, ge, finance, chief
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2017-15-06
Friday, 06 October 2017 05:15 PM
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