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General Electric all set for an overhaul with new top-level management
In an attempt to sustain the growing cut-throat competition, General Electric (GE) is revamping its top-level management. In a major move, the company has moved Jamie Miller to the position of Chief Financial Officer (CFO).

Miller who was earlier heading the company's transportation unit replaced Jeffrey Bornstein. Earlier, in August, the company had appointed John Flannery as its new CEO. Before joining General Electric, Miller worked at Anthem and PricewaterhouseCoopers. After joining General Electric, she also served as the company's vice president, controller and chief accounting officer.

Bornstein who served the company for 28 years was quoted by CNBC as saying, "This is the right time to bring in a new CFO with a fresh perspective to guide GE's ongoing efforts to reduce costs, drive growth, improve our performance, and enhance shareholder value."

Former CEO Jeff Immelt had taken voluntary retirement two months prior to his expected date of retirement. The company also announced that the two vice chairs of the company, Beth Comstock and John Rice, will be retiring from the company, on December 31.

Other than cutting costs and laying off staff, the company is in for a major overhaul in order to keep the balance sheets in green. The company is scheduled to report its third-quarter earnings on 20th of October and later provide an update to investors on November 13th.

At the November 13th event, the CEO is to provide an overview of his plans for the company. Experts have warned investors to expect a dividend cut and the stocks might also take a hit. But the new CEO is expected to go on a full drive of cost cutting to save the sinking ship that once ruled the automobile world.

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