New York, July 27: Jeff Immelt, in his first major reorganisation as chief of General Electric, on Friday tightened his grip on GE Capital and said he would split GE's profit-driving finance arm into four parts. The shake-up includes the departure of GE Capital Chief Executive Denis Nayden and will give investors a clearer picture of the unit's operations and results, GE said.

GE Capital, which generates 40 per cent of GE's earnings, will split into insurance, commercial finance, consumer finance and equipment units, each reporting to Immelt and Vice Chairman Dennis Dammerman. The change will take effect next Thursday.

"We've seen over the past few years management getting closer to GE Capital and this continues that process and formalises it," said analyst Bob Young of Moody's Investors Service. "Now Jeff Immelt has four GE Capital guys reporting directly to him." Bureau Report