STAMFORD, Conn.--(BUSINESS WIRE)--Feb. 6, 2006--GE Consumer Finance, the global consumer lending unit of General Electric Company, announced today the appointment of William H. Cary to president and CEO, GE Consumer Finance-Europe, effective March 1, 2006. He succeeds Dan O'Connor, who steps down after having lead Consumer Finance's largest and most profitable region since 1999. Cary will report directly to David R. Nissen, president and CEO of GE Consumer Finance.
O'Connor will remain with GE as national executive for Ireland, and will continue to serve as GE's representative on boards of companies in which GECF retains an equity interest, including Garanti Bank in Turkey, in which GECF maintains a 25.5% stake.
"Bill's career at GE, across a range of our financial businesses, and his current role as our IR leader, have prepared him well for the challenge of leading one of our fastest growing and most successful businesses," said Jeff Immelt, GE chairman and CEO. "Dan O'Connor has been a great growth leader for Consumer Finance, and Bill is the right person to continue our organic growth in established markets, and to lead our expansion eastward in Europe's strategically important developing economies."
In his new role, Cary, 46, will be responsible for a region comprising 24 countries with more than 22,000 employees and approximately 20 million customers. With approximately $70 billion in assets, GE Consumer Finance-Europe earned more than $1.3 billion in net income in 2005.
A 20-year veteran of General Electric, Cary most recently served as vice president, Corporate Investor Communications, a role he held since 2004. Immediately previous to this role, he served as vice president for Financial Planning and Analysis. He has extensive operating and global experience in GE, including positions as CEO of GE Capital Vendor Financial Services, and vice president, Capital Markets and Finance for GE Capital in Asia. Cary also previously served as CFO for Global Consumer Finance from 1995-1996, during a period in which Consumer Finance made strategic acquisitions in Poland, Japan and Australia.
"Bill's experience and strong understanding of our business and our markets, makes him an excellent choice to build on the growth and success of our European business," said Mr. Nissen. "Europe has been a key proving ground for the development of our global business, and our overall growth strategy. Bill's broad global management experience and strong external focus will be an asset as we drive the next phase of growth in Europe."
Cary joined GE in 1986, and was named a GE Officer in 1999. He earned a BS in Finance from San Jose State University, in San Jose, California.
Contacts GE Consumer Finance
U.S.:
Bob Rendine, 1-203-585-2084
[email protected]
or
Europe:
Hugh Gillanders, +353-87-2568347
[email protected]
or
Business Talk - Ireland
Peter Mitchell, +353 87 259 9814
Cristy Williams
[email protected]
678.518.2596