GE CFO Jamie Miller to step down as CEO Culp moves forward with turnaround plan

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GE Chief Financial Officer Jamie Miller.

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General Electric announced Wednesday that CFO Jamie Miller will step down from her role but will remain with the company during the leadership transition.

“I deeply value the opportunities I’ve had at GE over the last eleven years,” Miller said in a statement. “With the progress we’ve made and the stabilization beginning to take hold, the time is right for my transition.”

It’s been a tumultuous time to be the executive in charge of the financials for the struggling industrial conglomerate. Miller became General Electric’s CFO in October 2017, succeeding Jeffrey Bornstein shortly after John Flannery took over as chief executive officer. Flannery was ousted by the board and succeeded by current CEO Larry Culp in late 2018.

“Jamie was the last of the brigade from before and I think what it says – it has nothing to do with her performance – is that Larry has his arms around the change at GE,” William Blair analyst Nicholas Heymann told CNBC’s “Squawk Box.”

Miller joined GE in 2008 as chief accounting officer. She later worked as chief information officer, then became president and CEO of GE Transportation.

“I greatly appreciate Jamie’s professionalism, expertise, and many contributions to GE’s significant transformation during this critical time,” Culp said. “She has been instrumental in developing our portfolio strategy, furthering our efforts to make GE a more focused industrial company, and spearheading our de-leveraging plan during a challenging period.”

News of Miller’s departure came shortly after GE posted better-than-expected earnings for the second quarter, sending its stock up more than 4% in the premarket. The company also gave a better-than-expected outlook for industrial cash flow.

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