GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric Co. (NYSE: GE), today announced top leadership appointments for its Fleet Services business, upon the completion of its previously announced merger with PHH Arval, a North American fleet management services provider.
DANBURY, Conn.--(BUSINESS WIRE)--GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric Co. (NYSE: GE), today announced top leadership appointments for its Fleet Services business, upon the completion of its previously announced merger with PHH Arval, a North American fleet management services provider.
George J. Kilroy, President and CEO of PHH Arval since 2001, will become Chairman of the merged business, which will operate as GE Capital Solutions, Fleet Services. Bob Mitchell, President and CEO of GE's Fleet Services business, will remain in his current position.
Richard Laxer, President and CEO of GE Capital Solutions, said, "Our intent in combining PHH Arval with our own Fleet Services business is to provide more to customers by bringing the best of two great businesses together. The appointment of George and Bob to these positions is an illustration of that. George has 31 years of deep experience in the fleet management industry, and Bob has an extensive operating background in several GE businesses. Together, they will provide strong leadership for our Fleet business, positioning it well for future growth."
While waiting for required government approvals, GE and PHH will each form a separate integration planning team to evaluate technology, processes and a framework for the businesses going forward. Throughout this process, each business will actively involve its respective customers, gaining their feedback on what's most important to them. Upon approval and completion of the merger, the PHH Arval and GE Fleet teams will become one.
Rich Laxer concluded, "As we've said before, GE Capital Solutions, Fleet Services and PHH Arval are a great fit. Both are completely focused on the customer experience -- in terms of service and how we can innovate and use technology to help our clients run their fleets most effectively. When you blend PHH's strategic consulting and excellent service offerings with our commitment to process improvements, technology investments and asset management, our customers will greatly benefit."
On March 15, 2007, GE Capital Solutions and Blackstone Group, through its affiliates, agreed to acquire PHH Corporation (NYSE: PHH). GE will purchase PHH Corporation. It will retain PHH Arval and sell PHH Mortgage to Blackstone immediately after closing.
The acquisition is subject to PHH shareholder and regulatory approvals and other closing conditions. It's expected to close in the third quarter of 2007.
About GE Capital Solutions
GE Capital Solutions, Fleet Services (www.gefleet.com) based in Eden Prairie, Minnesota, is a global fleet management company. It is part of GE Capital Solutions and has operations in the United States, Canada, Europe, Japan, Australia and New Zealand.
GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing, lending and capital investment products and services to help business customers grow. It has over $100 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and more than 300,000 people worldwide. For more information, visit www.ge.com.
Contacts
GE Capital Solutions
Stephen White, 203-749-6295
[email protected]
Stephen White