Gas, O&M, Renewables, Wind

GE CFO stepping down as company predicts power rebound

GE announced that its chief financial officer, Jamie S. Miller, is stepping down after two years in the job and 11 years with the company.

Miller, who oversaw the fiscal activities during a period of restructuring and executive leadership changes, will remain in the CFO role while GE looks for a successor.

“I deeply value the opportunities I’ve had at GE over the last 11 years,” she said. “I couldn’t be prouder of the team around me. With the progress we’ve made  and the stabilization beginning to take hold, the time is right for my transition.”

GE Capital CEO Alec Burger will report directly to GE overall CEO Lawrence Culp Jr. GE senior vice president and treasurer Jennifer VanBelle will report to Miller and the next CFO when named.

“I greatly appreciate Jamie’s professionalism, expertise, and many contributions to GE’s significant transformation during this critical time,” Culp said. “She has been instrumental in developing our portfolio strategy, furthering our efforts to make GE a more focused industrial company, and spearheading our de-leveraging plan during a challenging period.”

GE was in free fall amidst financial losses and struggles in its power division. In 2018, Culp replaced CEO John Flannery, who was ousted from the job after only one year.

The company also restructured its Gas Power business unit, naming Scott Strazik to head those operations. Strazik was a keynote speaker at last year’s POWERGEN International in Orlando.

GE’s latest quarterly financials, released Wednesday, showed lower earnings for the most recent three months—impacted in the aviation sector by Boeing’s troubles—but lifted the forecast.

The company’s stock dropped from nearly $25 per share in July 2017 to less than $7 in December 2018. GE has sold off assets and focused on core areas, including power, while its stock has rebounded to more than $10 in recent trading.