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The head of General Electric Co.'s finance unit will step down as the industrial giant exits most lending operations to concentrate on manufacturing.
Keith Sherin, who also serves as vice chairman of the parent company, will retire at the end of December, GE said Tuesday in a statement. Richard Laxer, who runs GE Capital International, will take over as chief executive officer of GE Capital on Thursday, the company said.
The move comes as GE winds down a plan to shrink its finance business while refocusing on manufacturing heavy-duty equipment such as gas turbines and jet engines. CEO Jeffrey Immelt said in April 2015 that the company would sell about $200 billion of lending assets while retaining only the units that support its industrial divisions. GE has said it expects to be substantially done with that process by the end of the year.
The Boston-based company also said GE Capital will now consist of three divisions: an aircraft-financing business, an energy-focused lending unit and GE Industrial Finance, which will support other GE operations.
Sherin, 57, has been with GE for 35 years, including 15 years as GE's chief financial officer. Laxer, 55, has held a number of roles within GE Capital since joining the company in 1984.