GE reshuffles treasury operations as veteran steps down
Industrial and financial services conglomerate General Electric has reshuffled its global treasury team, appointing a new head to succeed Kathy Cassidy, who is retiring after 35 years at the company.
Dan Janki, who has been president and chief executive of GE Energy Management since 2012, has been appointed to lead GE’s global treasury operations, which Cassidy has overseen since 2001.
As group treasurer, Cassidy and her team are responsible for global funding and liquidity, cash management, capital management and treasury services for all of GE’s worldwide operations.
|Dan Janki, treasurer of GE and GE Capital|
“Kathy has been a strong leader of this team and is highly regarded inside the company and in financial markets,” said GE chairman and CEO Jeff Immelt in a statement. In a recent interview with Euromoney, Cassidy talked about GEs treasury operations, how she manages the company’s banking relationships, and how the financial crisis dramatically changed the role of the treasurer.
“Some of the biggest changes for our team since the crisis are understanding the new rules as well as putting a lot more governance and controls over how we manage liquidity, how we manage our funding and ultimately how we operate with more intensity,” she said.
Before leading the treasury operation, Cassidy was managing director, GE Capital Real Estate, responsible for the strategic ventures business and its Mexican operations.
She has also led GE Real Estate’s capital markets business, where she was responsible for building the commercial mortgage-backed securities and institutional capital business for small and large loans. In 1987, Cassidy pioneered GE’s early securitization efforts in asset-backed consumer and commercial products.
|Kathy Cassidy, retiring from GE after 35 years|
GE said Cassidy will continue to manage the treasury aspects related to the estimated $20 billion IPO of its North American retail finance business Synchrony Financial, which is slated for this summer. Janki, who began his career with GE in 1992, has held a number of senior finance positions within the company, including chief financial officer of GE Equity, CFO of GE Money-Americas, head of GE Investor Relations and CFO for GE Energy before leading Energy Management.
Mark Begor, who currently leads GE Capital’s Real Estate business, will succeed Janki as president and CEO of GE Energy Management. Alec Burger, head of GE Capital Real Estate, North America, succeeds Begor.