NEW YORK, US: General Electric on Monday announced the departure of chief executive Jeff Immelt, who had made the risky bet of refocusing the American conglomerate on its industrial roots, particularly energy.
Immelt, 61, who has served in the role since 2001, will hand his chief executive position over to John Flannery on 1 August 2017, the company said in a news release.
Flannery, 55, will also succeed Immelt as chairman when he retires on 31 December 2017, GE said.
"John fits all the criteria our Board had set for the next CEO of the Company. He is a strong and courageous leader who can make tough decisions while inspiring his teammates," the company said.
Flannery is currently the head of the GE Healthcare division. He joined the company's financial arm, GE Capital, in 1987. Kieran Murphy will succeed Flannery as president and CEO of GE Healthcare, effective immediately. Murphy is currently president and CEO of GE Healthcare Life Sciences.
GE, which makes everything from aircraft engines to medical equipment, said the changes are part of a succession plan that has been in the works for several years.
But the announcement also comes after activist investor Nelson Peltz, one of the most influential voices on Wall Street, invested in GE, which has been hit hard by the plunge in oil prices.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.