07 October, 2017
Boston-based GE said Friday it is replacing chief financial officer Jeff Bornstein with Jamie Miller, the head of its transportation business, on November 1.
United States industrial conglomerate General Electric said it promoted Jamie Miller, who has been the head of its transportation unit, to chief financial officer, replacing Jeffrey Bornstein. A company spokeswoman said that Immelt felt Flannery was prepared to take over the role of chairman.
GE's vice chair and chief financial officer Jeffrey Bornstein will leave the company effective December 31, 2017, after 28 years of service. With Flannery taking over the company from his predecessor Jeff Immelt, the moves seem to indicate a new direction for GE.
Jamie joined GE in 2008 as vice president, controller and chief accounting officer after 18 years of experience outside the company at Anthem, Inc and as a Partner at PricewaterhouseCoopers, LLP.
In response to pressure from investors to cut costs, John Flannery has already announced plans to decrease staff numbers and eliminate corporate jets. Now it becomes a question of whether or not GE can find suitable replacements to help solve its cash flow issues and restore growth within its key industrial businesses. "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. Two other longtime company veterans and GE vice chairs, Beth Comstock and John Rice, are retiring from GE.
