Report: Immelt won’t rule out GE Capital spinoff

Speaking March 19 at a conference in Sydney, General Electric Co. CEO Jeff Immelt reportedly said the company would consider spinning off its financial services unit, but that there are no current plans to do so.

The reports come a day after GE, based in Fairfield, appointed Jamie Miller, who previously served as the company’s controller and chief accounting officer, as chief information officer. Miller replaces Charlene Begley, who the company said took a leave of absence for personal reasons.

Immelt told business leaders that GE always looks at “what are the right capital market alternatives for the company and what makes sense for where we are,” according to reports, adding, “We sold our media business, right?”

Asked whether GE has any specific plans to move or spin off GE Capital, which is based in Stamford, Immelt said there were no plans at present, “But I’d never say never.”

“Our challenge is always structure and bureaucracy,” Immelt is reported to have said. “Every 10 or 15 years in a company like GE you have to kind of be willing to blow it up a little bit internally and start over again.”