GE Money Home Lending chief executive officer Colin Shave has decided to retire on December 31, 2010, after a 35-year career with GE.
Shave, who is also the chairman at GE Money Home Lending, joined the business in 2003 and previously worked for GE in a variety of roles around the world including South Africa, the US, Venezuela and across continental Europe.
GE Capital Restructuring Operations president and chief executive officer Mark Begor says: “Colin has enjoyed a long and distinguished career within GE and in particular at GE Money Home Lending which, under his leadership, is one of the UK’s leading specialist lenders. It is with mixed emotions that we see Colin leaving us to enjoy a much deserved retirement.”
Shave is also the deputy chairman of the Council of Mortgage Lenders and a director of IMLA.
GE Money Home Lending portfolio management director Duncan Berry will be promoted to chief executive officer on January 1, 2011, subject to regulatory approval.
Begor says: “Whilst it is sad to say farewell to Colin, I am delighted to promote Duncan to CEO, as he is ideally suited to continuing the excellent work that Colin has spearheaded at the Company.”
Berry has previously worked for Price Waterhouse and Navidec, before spending the last 14 years at GE in a range of roles spanning finance, business development, and sales and operations, in locations across Europe and the US. Since 2005, he has been a board director of GE Money Home Lending in the UK.