Norman C.T. Liu Promoted to President and CEO of GECAS; Henry A. Hubschman to Become Chairman of GECAS

Dépèche transmise le 12 juin 2009 par Business Wire

Norman C.T. Liu Promoted to President and CEO of GECAS; Henry A. Hubschman to Become Chairman of GECAS

Norman C.T. Liu Promoted to President and CEO of GECAS; Henry A. Hubschman to Become Chairman of GECAS

STAMFORD, Conn.--(BUSINESS WIRE)--GE Capital Aviation Services, a division of GE (NYSE: GE), today announced the promotion of Norman C.T. Liu, 51, to president and chief executive officer of GE Capital Aviation Services (GECAS). Liu will take over the executive management of the business from Henry A. Hubschman, 61, who will take on the new role of chairman of GECAS. Liu and Hubschman will begin in their new roles on July 1, 2009.

Liu is a 22-year veteran of GE Capital, including 14 years at GECAS. He has served as executive vice president of GECAS’ commercial operations for the past 12 years. Liu has led GECAS’ successful global expansion in the developed and emerging markets, and new product areas. He has broadened and strengthened customer relations and provided deep expertise in structuring deals.

“Norm is a proven GE leader. He knows the GECAS business, our customers and the aviation industry,” GE Vice Chairman and CEO of GE Capital Mike Neal said. “He understands the challenges and opportunities of this business and provides a strong continuity of leadership excellence. Norm has tremendous commercial skills, including keen external focus and an innovative approach to creating customer solutions. He will help us continue to grow GECAS globally.”

Hubschman will take on the new role of chairman of GECAS, where he will provide strategic counseling and long-term planning support to Liu and the GE Capital Board. Hubschman joined GECAS in 1997, and oversaw growth of assets from $10 billion to more than $46 billion during his tenure. Hubschman is one of the most respected leaders in GE and in the aviation industry. He has built a global business defined by its expertise and customer relations.

“I have known many great leaders in GE, and Henry ranks right at the top. He saw the tremendous opportunity we had to build upon our aircraft engine expertise and create a winning financing business - and he executed beautifully,” Neal said. “The performance of the business during his tenure and the quality of his successor are a testament to his leadership skills. We look forward to having Henry provide us with his strategic counsel and industry expertise in his new role as chairman of GECAS,” Neal said.

About GE Capital Aviation Services (GECAS)

GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of approximately 1,500+ owned aircraft with approximately 250 airlines in over 70 countries, and it manages over 325 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 24 cities around the world.

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 aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

Business Wire

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