GE taps CFO to oversee streamlining of finance unit

Wednesday, June 12th, 2013 | Finance News

(Reuters) - General Electric Co on Wednesday tapped Chief Financial Officer Keith Sherin to run its GE Capital unit and help oversee the streamlining of the unit, as the company focuses more on manufacturing.

Sherin will replace current GE Capital Chief Executive Officer Mike Neal, who is retiring July 1, the company said.

Jeff Bornstein, who is CFO of GE Capital, will become CFO of the entire company, GE said.

The Connecticut-based conglomerate has been focusing on shrinking GE Capital since the 2007-2008 global economic crisis. It has jettisoned several assets held by GE Capital to reduce its dependence on the unit.

(Reporting by Ernest Scheyder; Editing by Gerald E. McCormick)