Business News

General Electric announces slew of executive changes, including new CFO

Key Points
  • General Electric announced a management shakeup on Friday.
  • CFO Jeffrey Bornstein will be succeeded by Jamie Miller, who is currently CEO of GE Transportation.
  • Vice chairs Beth Comstock and John Rice will also be retiring at year end.
GE management changes as new CEO takes helm

General Electric unveiled a slew of executive management changes on Friday.

The company announced that Jamie Miller, CEO of GE Transportation, will become chief financial officer on Nov. 1.

Miller worked at Anthem and PricewaterhouseCoopers, before joining GE as vice president, controller and chief accounting officer. She also served as GE's chief information officer before becoming the president and CEO of GE Transportation.

Current CFO and vice chair Jeffrey Bornstein will depart the company on Dec. 31. A 28-year veteran of the company, Bornstein said he decided this was 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."

GE vice chairs Beth Comstock and John Rice will also be retiring at year end.

The announcements come soon after GE's board elected CEO John Flannery to succeed Jeffrey Immelt as chairman of the company.

GE announced Immelt's retirement on Monday, which came about two months earlier than expected. A company spokeswoman said that Immelt felt Flannery was prepared to take over the role of chairman. She also said that leaving the company would allow Immelt to explor other opportuniities.

WATCH: Immelt retiring as GE chairman effective immediately

GE's Jeff Immelt retiring as chairman effective immediately