Immelt, 61, will
remain chairman through his retirement on Dec. 31. Flannery will
take over as CEO, effective Aug. 1 and chairman following
The company's shares were up 3.6 percent in premarket trading.
Jeff Immelt, who took over from Jack Welch in 2001, has been
credited with steering the company through the financial crisis,
which nearly toppled the maker of jet engines, wind turbines and
Immelt also oversaw the restructuring of the GE Capital unit and
shifted the conglomerate's focus from finance to manufacturing.
Flannery, 55, who is currently president and CEO of GE
Healthcare, joined GE Capital about three decades ago. He has
led GE's equity business in Latin America and the overall GE
Capital business for Argentina and Chile.
Flannery has led the turnaround of the healthcare business,
increasing organic revenue by 5 percent and margins by 100 basis
points in 2016, GE said.
GE said Kieran Murphy, president and CEO of GE Healthcare Life
Sciences, will replace Flannery.
(Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak
Dasgupta and Saumyadeb Chakrabarty)
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