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GE Capital Will Split Into 4 Financial Services Businesses

July 30, 2002

General Electric announced on July 26, 2002 that its financial services business unit -- GE Capital -- will split into four separate GE financial services businesses, effective Aug. 1, 2002. GE Capital Fleet Services is one of the business units in GE Capital. GE Capital will be split into GE Insurance, GE Commercial Finance, GE Consumer Finance, and GE Equipment Management. GE Capital Fleet Services will be part of GE Equipment Management. Other business units in GE Equipment Management besides Fleet Services are Rail Services, TIP/Mod Space, European Equipment Management, and Penske Truck Leasing. Arthur Harper has been named president and CEO of GE Equipment Management.
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