General Electric Co. named Chief Financial Officer Keith Sherin to lead the company’s finance unit, succeeding the retiring Mike Neal, as GE Capital sheds assets and comes under heightened regulatory oversight.
General Electric Co., hoping to resume collecting an annual dividend from its finance unit in 2012, sees the business generating “billions” more in free capital than needed for the payment, the finance chief said.
General Electric Co. profit increased 14 percent in the second quarter as the finance unit stabilized and the health-care division improved. The shares fell as sales dropped and missed analysts’ estimates.
General Electric Co. will finish shrinking its finance business by 2015 after spinning off the North American consumer lending unit, capping Chief Executive Officer Jeffrey Immelt’s effort to reduce credit risks.
NBC Universal, the General Electric Co. media unit in which Comcast Corp. is buying a majority stake, reported a 15 percent decline in profit after it didn’t repeat a year-ago gain from a cable-channel merger.