Mr Morrissey has been GE executive since 2000,most recently as chairman and CEO of GE Money Bank in the Czech Republic.
"We are excited to have Sean join to head an already strong leadership team. Sean's established record of growing businesses,proven leadership capabilities,and international experience will complement the local team's deep Australian and New Zealand market knowledge and capabilities,"said said Ed Bostock,director of KKR Australia,said in a statement on behalf of the consortium.
"Working together,we are confident that they will maximise the company's growth."
Mr Morrissey and Mr Bostock refused to comment before the completion of the sale to the consortium.
"I am very excited by the growth potential of Latitude Financial Services and the opportunity we now have to further invest and build on its current strengths,"Mr Morrissey said in the statement.
"The business is a world-class company with deep customer relationships,innovative products,strong brands and an experienced and talented team of employees."
Latitude offers personal loans,credit cards and interest free retail finance and has more than 2.5 million customers.