GE Capital Hires New Chief Risk Officer

General Electric's finance division, GE Capital, hired a new chief risk officer from Wells Fargo, the company said Thursday.

General Electric building in Ohio
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General Electric building in Ohio

Ryan Zanin succeeds GE Capital veteran Jim Colica, who retired after serving the company for 27 years.

Zanin has over 25 years of experience in the financial services industry. Most recently, he was the chief risk officer for corporate credit and risk management in international and capital markets at Wells Fargo .

Prior to that, he was the managing director and chief risk officer in corporate and investment bank at Wachovia, which Wells Fargo bought during the financial crisis in late 2008.

During the financial crisis, GE Capital's risk management underwent a great deal of scrutiny.

GE Capital cost GE its AAA credit rating during the height of the financial crisis, precipitating a decline in GE shares.

GE admitted at that time that it let the finance division grow too big.

GE shares ended down about 2 percent at $14.12 on Thursday.