John H. Myers has been named president and chairman of the board of GE Investments, succeeding industry veteran Dale F. Frey, who is retiring after 40 years with parent General Electric Co.
Mr. Myers has been with GE Investments since 1986, most recently as executive vice president, where he headed the fixed-income, private equity and real estate groups.
Mr. Frey had been president of the GE Investments unit since a staff restructuring in 1984. At that time, the unit oversaw a $16 billion GE pension fund. The unit began managing outside assets in 1988, and now oversees $56 billion, including $32 billion in GE pension assets.
It is one of the most successful investment management operations that was spun off from an in-house pension investment department.
Said Mr. Myers of his new job: "Dale operated in a way that involved the entire team in the process. I intend to operate the same way. My selection indicates that we all feel we're on the right course and direction, so I would expect to continue some of the same programs and objectives that Dale and our team have initiated."
Mr. Myers said he expects the unit will continue to emphasize alternative investments, international and emerging markets. GE Investments is developing a portfolio management and marketing presence in Europe and plans to establish an international equity office in the Far East to manage emerging markets portfolios.
Donald W. Torey and Robert A. MacDougall will assume Mr. Myers' previous responsibilities. Mr. Torey, formerly the unit's chief financial officer, has been named executive vice president-alternative investments. He'll handle private equity and real estate. Mr. MacDougall will assume the leadership role in tax-exempt fixed income. He'll retain his responsibilities as head of taxable fixed income as well.
Mr. Torey has not been replaced as CFO yet.