Three executives leaving GE, company names new CFO in shakeup

Three executives leaving GE, company names new CFO in shakeup”

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.

Miller, whose appointment is effective November 1, was most recently chief executive officer and president of GE's transportation business. She joined GE in 2008.

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

Three vice chairs have made a decision to leave the company - two via retirement. "Flannery wants to tell people that he is going to hold people accountable", Scott Davis, an analyst at Melius Research in NY, wrote in a note on Friday. Miller is based in the Chicago area, but will move to Boston for the job.

Bornstein, in a statement, said that he and Flannery concluded that this is the right time to bring in a new CFO with a fresh perspective to guide the company's efforts to cut costs and boost shareholder value.

Also leaving, on December 31: two vice chairs, John Rice and Beth Comstock.

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