General Electric Co. has announced a management shuffle at its Kidder Peabody Group, the Wall Street investment house that has provided its share of problems since GE took control in 1986.
GE Capital, the company's financial services division, stated that Michael A. Carpenter, an executive vice president of GE Capital, has been named president and chief executive of Kidder Peabody Group. Silas S. Cathcart, a former GE director brought in as an interim chief executive in 1987, will stay on as chairman.
Max C. Chapman Jr., a longtime Kidder employee who had been running the group from his position as president of Kidder, Peabody & Co., the broker-dealer unit, resigned to pursue other interests.
Kidder suffered a major blow to its reputation when it became embroiled in the Ivan F. Boesky insider trading scandal. The 124-year-old firm agreed in 1987 to pay $25.3 million to settle civil charges with the Securities and Exchange Commission.