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Friday
Oct062017

Three executives leaving GE, company names new CFO in shakeup

Photo by Hemant Mishra/Mint via Getty Images(NEW YORK) -- General Electric announced a major shakeup of its executive staff, and named a new chief financial officer, signs that new CEO John Flannery wants to chart his own course for the company.

Three vice chairs have decided to leave the company -- two via retirement. According to press releases, John Rice and Beth Comstock have retired from their positions, while former CFO Jeff Bornstein will leave the company after 28 years of service.

The New York Times notes that Rice and Comstock's retirements were not surprising given their age. With Flannery taking over the company from his predecessor Jeff Immelt, the moves seem to indicate a new direction for GE.

The company also announced Friday that Bornstein, once considered a potential successor to Immelt, would leave GE and be replaced by Jamie Miller, CEO of GE Transportation.

"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 to guide GE's ongoing efforts to reduce costs, drive growth, improve our performance, and enhance shareholder value," Bornstein said in a statement.

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