General Electric Company (NYSE:GE) announced that Jamie Miller, CEO of GE Transportation, has been named chief financial officer of GE effective November 1, 2017. Jeffrey S. Bornstein, GE vice chair and chief financial officer will leave the Company effective December 31, 2017, after 28 years of service.
John Flannery, chairman and CEO of GE, said, “In his more than 28 years at GE, Jeff has been a dedicated and respected member of GE’s leadership team, as well as a coach and mentor to a generation of finance talent. He has been a valuable change agent, most notably in overseeing the highly successful disposition of more than $190 billion of assets at GE Capital as we completed our pivot to a more focused industrial company. He has also been an important partner to me as I’ve transitioned into the CEO role. We are grateful for his service to the company.”
Jeff Bornstein, CFO of GE, said “GE has been my home for nearly three decades, and I am deeply appreciative for the opportunities I’ve had and proud of our many accomplishments over that period. As John evaluates the strategy for GE and puts his leadership team in place, he and I have concluded that this is the right time to bring in a new CFO with a fresh perspective to guide GE’s ongoing efforts to reduce costs, drive growth, improve our performance, and enhance shareholder value. I look forward to working closely with Jamie through the end of the year to ensure a smooth transition.”
John Flannery, chairman and CEO of GE said, “Jamie’s deep experience in finance, digital technology and business operations make her the right person for this role as GE continues to transform into a digital industrial company. We’ve relied on her leadership to manage the business through a tough cycle, and she has consistently delivered for our customers, shareholders and employees.”
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. Her roles included managing investor relations, controllership, financial planning and analysis, tax and financial systems. Following her role as controller, Jamie went on to become GE’s chief information officer where she led the company’s global information technology strategy, services and operations, and delivered transformational technology such as Brilliant Factory. After two and a half years in that role, Jamie became the president and CEO of GE Transportation where she combined her financial and digital experience to manage the business through a tough cycle.
In separate releases today, GE also announced that two additional Vice Chairs, Beth Comstock and John Rice, will be retiring from the company effective December 31, 2017.
Shares of General Electric closed today at $24.39, down $0.15 or -0.61%. GE has a 1-year high of $32.38 and a 1-year low of $23.58. The stock’s 50-day moving average is $24.45 and its 200-day moving average is $27.04.
On the ratings front, GE stock has been the subject of a number of recent research reports. In a report released yesterday, Credit Suisse analyst Julian Mitchell maintained a Buy rating on GE, with a price target of $30, which represents a potential upside of 23% from where the stock is currently trading. On October 2, Morgan Stanley’s Nigel Coe maintained a Hold rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Julian Mitchell and Nigel Coe have a yearly average return of 12% and 2.5% respectively. Mitchell has a success rate of 69% and is ranked #334 out of 4698 analysts, while Coe has a success rate of 58% and is ranked #1950.
Sentiment on the street is mostly bullish on GE stock. Out of 11 analysts who cover the stock, 5 suggest a Buy rating , 4 suggest a Hold and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $27.2, which represents a potential upside of 12% from where the stock is currently trading.