Wednesday, 23 August, 2017

Jeff Immelt stepping down as CEO of GE

Incoming GE chief executive John Flannery in an undated General Electric Incoming GE chief executive John Flannery in an undated
Mae Harvey | 12 June, 2017, 16:02

Flannery would be CEO of the company effective August 1 and chairman effective January 1, GE said.

GE said Monday that Mr. Immelt will be replaced by the head of the company's health care business, John Flannery, and remain as chairman of the board until December 31.

GE shares, which had fallen 12% year to date, rose 3.7% to $28.96 in premarket trading.

Further, the company announced that Jeff Bornstein, current CFO, has also been promoted to Vice Chair of GE.

Flannery is a longtime General Electric executive, starting his career at GE Capital in 1987.

Flannery is now the head of the GE Healthcare division.

In a press release on Monday, the group said that the leadership announcements are the result of a succession plan that had been run by the company's board of directors since 2011.

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Unlike Welch, Immelt oversaw the shedding of many divisions that were part of the company when he joined, including the NBC television network and much of the assets of GE Capital, a financial services business that was once the largest part of the company.

Flannery comes with a heavy finance background, and analysts and investors are expecting him to complete a "quick and serious" review of GE's portfolio upon entering his new role.

"John is the right person to lead GE today", Immelt said in a statement. He has broad experience across multiple businesses, cycles and geographies.

Mr. Flannery was one of several business units heads that were seen as potential successors.

GE is one of the biggest public companies in the U.S. with segments in industries including automation, energy, oil and gas, transportation and finance.

"We're expecting fairly dramatic changes", he said.

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