General Electric Co. has named Richard Laxer chief executive of GE Capital, which the conglomerate began shrinking in 2015 as part of efforts to return to its industrial roots.
Laxer, 55, will take over on Sept. 1 from company veteran Keith Sherin, who will retire at the end of the year after 35 years of service.
Since April 2015, Sherin has led the transformation of GE Capital into a smaller, more focused business, GE CEO Jeff Immelt said.
GE, which had set a target of selling $200 billion in assets of its finance arm, said earlier this month it had signed deals worth about $192 billion.
Sherin, who served as GE’s finance chief for 15 years, is also vice chairman of the company and chairman of GE Capital.
Laxer is currently chief executive of GE Capital International.
GE also said GE Capital will now consist of three divisions: GE Capital Aviation Services, GE Energy Financial Services and GE Industrial Finance.

Source: Arab News