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GE Energy Financial Services names new CEO amid reorganization

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GE Energy Financial Services names new CEO amid reorganization

Susan Flanagan has been named President and CEO of GE Energy Financial Services, the energy investment arm of GE Capital Corp. She replaces Brian Ward, who retired at the end of May after over 35 years at General Electric Co.

"I am honored to lead GE Energy Financial Services, a strategically important GE business with a best-in-class investment team," Flanagan said in a statement. "We continue to play a meaningful role in the industry and deliver financing solutions for our customers in the global power and renewable energy industry."

Flanagan was previously global power leader at EFS, a post she assumed in June 2018 and in which she oversaw the division's investments in generation assets worldwide. Prior to that promotion, she was a business partner at EFS, which she joined in 2005.

Flanagan's ascension occurs amid major changes at EFS. For the past year, GE Capital has been divesting equity interests in a number of EFS-owned power generation assets as part of an extensive corporate reorganization designed to slim down the division.

Most recently, EFS has launched a sale process for the 50% stake it owns in Enel Green Power North America Renewable Energy Partners LLC, its joint venture with Enel Green Power North America Inc.

Bank of America Corp.'s investment banking arm, Bank Of America Merrill Lynch, which is advising on the sale, was brought onboard to hawk EFS's equity stakes in generation assets in May 2018, while Citigroup Global Markets was hired to sell its project finance debt platform.

In August 2018, GE Capital announced it had agreed to sell the debt business to Starwood Property Trust Inc. for $2.56 billion, a deal that resulted in the migration of 21 full-time EFS employees, including managing director and global head of project finance Denise Persau Tait who became president of Starwood Infrastructure Finance.

Other recent high-profile departures at EFS have included those of managing director and head of renewables Kevin Walsh and managing director for power and development Timothy Howell, both of whom announced their retirements in June 2018.