GE has appointed Dmitri Stockton president and CEO of GE Asset Management, the company's asset management are that has $119 billion in assets under management. Stockton, 47, will succeed Jay Ireland, GE announced today, noting the company's intentions to continue expanding its asset management team around the world, especially in emerging markets.
Last month GE appointed Ireland, 56, to a newly-created position at GE as president and CEO for GE Africa. Ireland will move to Nairobi, Kenya in the next few months and work with local governments to focus on energy, healthcare and water issues.
Stockton will be based in Stamford, Conn., and report to Keith Sherin, a vice chairman and the chief financial officer of GE. One of Stockton's responsibilities will be to continue expanding the firm's investment activity and presence around the world.
GE Asset Management has been expanding its work in emerging markets and will add to the team globally, spokesperson Chris Linehan told FINS. He said the branch has recently added investment professionals in Shanghai, Singapore and Sao Paulo, Brazil, but declined to specify how many hires the unit will make in the near future.
In his annual letter to shareholders last month, GE chief executive Jeff Immelt stressed that the company will generate more than 60% of its revenue outside of the U.S. this year.
"Developing markets like Brazil and India are experiencing fast growth, while much of the developed world is dealing with sluggish growth and fiscal constraints," he wrote.
Stockton has worked at GE for 24 years, most recently as the president and CEO of global banking at GE Capital, the company's commercial lending and consumer financing business. He embarked on retail bank joint ventures in both Asia and Latin America and worked with majority-owned banks in Poland, Hungary and the Czech Republic.
"Dmitri brings a strong background in capital markets and financial services to his new role leading GE Asset Management," Sherin, the CFO, said in a statement.
Stockton has hopped from department to department at GE, working in the commercial real estate division and then heading up risk management for the global mortgage insurance business. He has also worked as chief executive officer for GE Capital Bank in Switzerland. He was promoted to vice president of GE in 2005.
He received his bachelor's degree in accounting from North Carolina A&T State University in 1986.
Write to Julie Steinberg