General Electric Co. said Thursday that David Nissen, 56, is retiring as the chief executive of its GE Money as it sheds U.S. assets and moves its headquarters from Stamford, Conn., to London.
William Cary, the head of the division's Europe, Middle East, and Africa division, has succeeded Mr. Nissen.
GE Money is the the world's biggest issuer of store-branded credit cards, and gets about 75% of its income from foreign markets. Last year it sold most of the assets of WMC Mortgage, its U.S. subprime mortgage unit, and put its Japanese consumer division on the block.
Jeffrey Immelt, GE's chief executive, said in December that he was seeking a partnership or sale for the U.S. credit card business.
