General Electric and its Abu Dhabi-backed investment partner say a 25-year GE veteran will lead their $8 billion commercial finance joint venture.
The partnership between the Fairfield, Connecticut-based conglomerate and Abu Dhabi’s Mubadala Development Company will be led by Ron Herman, who has held various positions in GE’s financial services businesses and most recently headed GE Equity.
The tie-up was announced last July but few details have emerged since. The agreement came as a boost for GE’s commercial finance business, which has suffered as a result of the financial crisis.
Mubadala says it has bought 65.8 million shares in GE, or about 0.6 per cent, as of the end of March.