General Electric Company (NYSE: GE) on Wednesday promoted Greg Conlon to president and CEO of its aviation finance and leasing arm to replace Alec Burger, who will continue as head of GE Capital and serve as chairman of GE Capital Aviation Services.
The move comes after months of speculation that GE might attempt to sell GECAS as the struggling conglomerate tries to streamline its portfolio.
Conlon previously served as executive vice president of aircraft trading and headed the company's helicopter leasing and finance business.
Parent company GE Capital finances aviation and energy assets.
GECAS said Nov. 6 the change is being made to ensure its continued strength by having a dedicated leader and that Burger will continue to be engaged as chairman.
GECAS owns, services or has on order more than 1,700 aircraft and serves more than 250 customers around the world, including cargo airlines.
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