Aircraft financing company, GE Capital Aviation Services (GECAS) has announced the promotion of Norman C.T. Liu to president and chief executive officer. Liu will take over the executive management of the business from Henry A. Hubschman who will take on the new role of chairman of GECAS. Liu and Hubschman began their new roles in the third quarter this year.

Liu is a 22-year veteran of GE Capital, including 14 years at GECAS. He has served as executive vice president of GECAS’ commercial operations for the past 12 years. Liu has led GECAS’ successful global expansion in the developed and emerging markets, and new product areas, the company said.

Hubschman will take on the new role of chairman of GECAS, where he will provide strategic counseling and longterm planning support to Liu and the GE Capital Board. Hubschman joined GECAS in 1997, and oversaw growth of assets from US$10 billion to more than $46 billion during his tenure. Hubschman is one of the most respected leaders in GE and in the aviation industry. He has built a global business defined by its expertise and customer relations.

“Norm is a proven GE leader. He knows the GECAS business, our customers and the aviation industry,” GE vice chairman and CEO of GE Capital, Mike Neal said. “He understands the challenges and opportunities of this business and provides a strong continuity of leadership excellence. Norm has tremendous commercial skills, including keen external focus and an innovative approach to creating customer solutions. He will help us continue to grow GECAS globally.”

“I have known many great leaders in GE, and Henry ranks right at the top. He saw the tremendous opportunity we had to build upon our aircraft engine expertise and create a winning financing business – and he executed beautifully,” Neal said. “The performance of the business during his tenure and the quality of his successor are a testament to his leadership skills. We look forward to having Henry provide us with his strategic counsel and industry expertise in his new role as chairman of GECAS,” Neal said.