GE Money names new CEO

William “Bill” Cary has been named president and CEO of GE Money, a credit services provider for dealers and consumers, GE said in a statement Feb. 7.

Cary, 48, succeeds David Nissen, who is retiring. Cary has served as president and CEO of GE Money Europe, Middle East and Africa, the largest group within GE Money, since February 2006. He is a senior vice president of GE.

Cary is a 21-year GE veteran and has run several GE financial businesses, including GE Capital Vendor Financial Services. Cary also has served in two senior corporate financial positions for GE: vice president for financial planning and analysis and vice president of investor relations. He is a graduate of GE’s Financial Management Program.

Cary will report directly to Jeffrey Immelt, GE chairman and CEO. Cary will be located in London, where GE Money will be headquartered.

Nissen has been with GE for 27 years and led GE’s consumer finance business since 1993. In 1993, the business essentially had one product in one country and about $40 million in net income. Today, it is in more than 50 markets and its net income has grown to more than $4 billion, three quarters of which is from outside the United States.

“[Nissen] helped create GE’s first truly global business, leading the company’s entry into many emerging markets,” Immelt said.

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