DANBURY, CONN., April 20 /CNW/ - GE Capital Solutions, the
business-to-business leasing, financing and asset management unit of General
Electric Co. (NYSE: GE), today announced top leadership appointments for its
Fleet Services business, upon the completion of its previously announced
merger with PHH Arval, a North American fleet management services provider.
George J. Kilroy, President and CEO of PHH Arval since 2001, will become
Chairman of the merged business, which will operate as GE Capital Solutions,
Fleet Services. Bob Mitchell, President and CEO of GE's Fleet Services
business, will remain in his current position.
Richard Laxer, President and CEO of GE Capital Solutions, said, "Our
intent in combining PHH Arval with our own Fleet Services business is to
provide more to customers by bringing the best of two great businesses
together. The appointment of George and Bob to these positions is an
illustration of that. George has 31 years of deep experience in the fleet
management industry, and Bob has an extensive operating background in several
GE businesses. Together, they will provide strong leadership for our Fleet
business, positioning it well for future growth."
While waiting for required government approvals, GE and PHH will each
form a separate integration planning team to evaluate technology, processes
and a framework for the businesses going forward. Throughout this process,
each business will actively involve its respective customers, gaining their
feedback on what's most important to them. Upon approval and completion of the
merger, the PHH Arval and GE Fleet teams will become one.
Rich Laxer concluded, "As we've said before, GE Capital Solutions, Fleet
Services and PHH Arval are a great fit. Both are completely focused on the
customer experience -- in terms of service and how we can innovate and use
technology to help our clients run their fleets most effectively. When you
blend PHH's strategic consulting and excellent service offerings with our
commitment to process improvements, technology investments and asset
management, our customers will greatly benefit."
On March 15, 2007, GE Capital Solutions and Blackstone Group, through its
affiliates, agreed to acquire PHH Corporation (NYSE: PHH). GE will purchase
PHH Corporation. It will retain PHH Arval and sell PHH Mortgage to Blackstone
immediately after closing.
The acquisition is subject to PHH shareholder and regulatory approvals
and other closing conditions. It's expected to close in the third quarter of
About GE Capital Solutions
GE Capital Solutions, Fleet Services (www.gefleet.com) based in Eden
Prairie, Minnesota, is a global fleet management company. It is part of GE
Capital Solutions and has operations in the United States, Canada, Europe,
Japan, Australia and New Zealand.
GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing,
lending and capital investment products and services to help business
customers grow. It has over $100 billion in assets, serves more than a million
clients around the world and is headquartered in Danbury, Connecticut. GE
(NYSE: GE) is Imagination at Work -- a diversified technology, media and
financial services company focused on solving some of the world's toughest
problems. With products and services ranging from power generation, water
processing and security technology to medical imaging, business and consumer
financing, media content and advanced materials, GE serves customers in more
than 100 countries and more than 300,000 people worldwide. For more
information, visit www.ge.com.
For further information:
For further information: GE Capital Solutions Stephen White,