NORWALK, Conn. - October 27, 2015 - GE Capital Aviation Services (GECAS), the commercial aircraft financing arm of GE (NYSE: GE), today announced the appointment of Alec Burger, 52, as its president and CEO effective January 1, 2016. Burger will take over the executive management of the business from Norman C.T. Liu, 58, who will stay on as chairman of GECAS until late 2016 when he will retire from GE.
“Alec has tremendous commercial skills, including a keen external focus and a track record of building strong customer relationships,” said Keith Sherin, GE Capital chairman and CEO. “He’s a terrific leader known for driving growth, developing talented teams and has a proven record of building GE Capital’s businesses across the globe. His structured finance skills and global mindset will serve him well in his new role at GECAS.”
Burger is a 25-year veteran of GE including 15 years at GE Capital Real Estate, where he last served as president and CEO, prior to the business being sold as part of GE’s transition to become a more focused, digital industrial company. Burger joined Real Estate in 2000 as vice president of business development where he led a number of major strategic real estate acquisitions. In 2002 he was named managing director of GE Capital Real Estate’s UK unit, and in 2007 became vice president of its North American business. Holding a bachelor’s degree in engineering and an MBA, Burger joined GE in 1991 from Bain and Company. He served in a number of leadership positions both in the U.S. and England for GE Capital’s Equipment Leasing Business, including business development for European Equipment Finance, managing director, and subsequently Six Sigma leader for Vendor Financial Services. Burger was named a GE company officer in 2007.
As chairman of GECAS, Liu will provide strategic counsel and long-term planning support to Burger and the GE Capital board of directors. Under Liu's leadership as CEO over the past seven years, the GECAS team has consistently delivered strong financial results, with annual revenues of over $5 billion and net income of over $1 billion on average on nearly $50 billion of assets. He also developed the company's strong product capabilities in syndicated debt/asset sales, regional/cargo aircraft, engine leasing/airframe parts, aircraft evaluation/aviation consulting and helicopters. Prior to GECAS, Liu held senior roles with GE Capital in M&A and capital markets.
"We’re delighted that Norm will continue as chairman of GECAS,” Sherin said. “Norm has had a distinguished GE career spanning nearly three decades. He was key in building GECAS into a global aviation finance leader over the past 20 years. He steered the firm through multiple cycles, made many large new aircraft orders, and expanded its business dramatically in the emerging markets.”
About GE Capital Aviation Services (GECAS)
GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With over 45 years of experience, GECAS offers a wide range of aircraft types including narrow-bodies, wide-bodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, airframe parts management and airport/airline consulting. GECAS owns or services a fleet of over 2,150 aircraft (~1,840 fixed wing/ ~310 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~400 aircraft. GECAS serves over 270 customers in over 75 countries from a network of 25 offices. www.gecas.com
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
GE Capital Aviation Services