GE Real Estate boss Michael Pralle has left the company ‘to pursue other interests’.

He has been replaced as president and CEO by Ron Pressman, a 27-year GE veteran. Pressman was most recently president and CEO of GE Asset Management, a global investment business with $197bn (£100bn) of assets under management. Pressman held a variety of key financial roles early in his GE career and over the past 15 years he has been CEO of a number of global GE businesses, including the central and eastern European operations, power systems in Europe), employers reinsurance and insurance solutions.

As a senior vice president of GE Capital, he serves on the corporate executive council and has been a member of the GE Capital board since 2000.

‘Our real estate division is critically important to our overall business strategy,’ said GE vice chairman Michael Neal. ‘Ron’s deep background in financial services and real estate, coupled with his global experience will be of great value as we continue to grow this business in the US and abroad.’