- Push-out Score suggests push-out forces
- After around four years on the job
- Praise for Bornstein
- Jamie Miller taking over
- Bornstein spoke at length and said 99 words
(exechange) — Boston, Massachusetts, October 06, 2017 — Jeff Bornstein, finance chief of GE, leaves the position. It is a change at short notice. As announced by General Electric Company in a news release on Friday, October 06, 2017, Jeffrey S. (Jeff) Bornstein leaves the post as chief financial officer at the industrial conglomerate after around four years on the job, effective October 31, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.
Bornstein’s move comes two months after John L. Flannery took over as CEO of General Electric Company.
Furthermore, Bornstein’s move comes shortly after John L. Flannery took over as chairman of General Electric Company.
Bornstein leaves the company effective December 31, 2017.
Bornstein’s duties are taken over by Jamie Miller, currently CEO of Transportation at General Electric Company.
Bornstein’s move is part of a management shake-up.
“The right time to bring in a new CFO with a fresh perspective”
The imminent management change is explained as follows. Jeff Bornstein said in a fairly blunt statement: “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.”
Precise information about the future plans of Bornstein was not immediately available.
GE said: “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.”
Share price decline
The change follows a decline in the share price of General Electric Company since December 2016.
Chaired by John L. Flannery
General Electric Company is chaired by John L. Flannery.
The Board elected Flannery as Chairman of the Board effective October 2, 2017, three months ahead of schedule, after former CEO Jeff Immelt retired earlier than expected from the chairmanship.
Flannery had been named CEO of the company, effective August 1, 2017.
On the job as CFO since 2013
Jeffrey S. Bornstein has been Chief Financial Officer of General Electric Company since July 1, 2013 and has also been its Vice Chair since June 12, 2017.
Prior to his current role Bornstein served as Chief Financial Officer of GE Capital and Senior Vice President of GE Company.
Bornstein joined GE in 1989 with the GE Power Systems’ Financial Management Program.
In 1992, he joined the GE Corporate Audit Staff and then became Executive Audit Manager.
In 1996, he was named Chief Financial Officer for GE Aircraft Engine Services and Vice President in 1998.
In 1999, he was promoted to Chief Financial Officer of GE Plastics and served as their CFO until 2002.
He is on the board of Northeastern University and buildOn. He has also been involved in a number of youth programs.
He received his B.S. in Business Administration from Northeastern University.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jeff Bornstein’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 41.2017 ($).