General Electric Co. (NYSE: GE)’s GE Capital unit has hired a new chief risk office (CRO) from Wells Fargo & Co. (NYSE: WFC) according to a statement made by the company on Thursday. Ryan Zanin will succeed Jim Colica in the position, who is retiring after spending more than 27 years with G.E.
Zanin previously served as the chief risk officer for corporate credit and risk management in international and capital markets at Wells Fargo. He also took care of risk management at Wachovia Corp, which Wells Fargo & Co. (NYSE: WFC) purchased during the financial crisis.
G.E. Capital caused many struggles for its parent company during the financial crisis. Concerns about G.E.’s exposure to the financial sector cost the company it’s AAA credit rating. The unit often represented more than half of the company’s profits, but the struggle during the recession forced General Electric Co. (NYSE: GE) to cut its dividend leading to a decline in the stock. G.E. said that it had allowed the division to grow too large and has been paring it down by lowering its real estate portfolio.
G.E. Capital Chief Executive Mike Neal called Zanin a “proven risk manager with a global perspective and broad functional experience.”
