GE Capital Real Estate has named Mark Begor as president and chief executive officer of the property group as Ron Pressman leaves the conglomerate to “pursue interests outside the company”.
Begor was previously president of GE Capital’s US consumer retail finance business and head of its restructuring operations. A 31-year veteran of GE, Begor started with the firm in 1980 and has held positions at GE Plastics, NBC and as head of GE’s investor communications. Since 2002, he has led the US consumer finance group, which deals with private label credit card programmes, bankcards and installment lending through retailers, among other things.
Under Pressman’s watch, GE Capital Real Estate has changed from investing primarily its own money in direct real estate to also investing third party capital through private equity-style property vehicles.
In May, the firm closed one of its first offerings, raising $1.25 billion with Angelo, Gordon & Co for the Legacy Securities Public-Private Investment Fund. The fundraise, which corralled investments from 175 investors and topped an original target of $1.1 billion, was this month named PERE’s North America Fundraise of the Year. Focused on legacy securities eligible for purchase under the US government's PPIP scheme and originated before 2009 with a triple-A rating at origination, the fund is believed to comprise equal amounts of RMBS and CMBS.
GE Capital chairman Mike Neal thanked Pressman in the statement for his “many years of service” adding that: “He helped us manage through one of the toughest cycles in our history, and he built a great team that will help us succeed going forward.”