General Electric announces retirement of CEO Jeff Immelt

AFP, NEW YORK: General Electric yesterday 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 August 1, the company said in a news release.
Flannery, 55, will also succeed Immelt as chairman when he retires on December 31, 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.

General Electric announces retirement of CEO Jeff Immelt

AFP, NEW YORK: General Electric yesterday 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 August 1, the company said in a news release. Flannery, 55, will also succeed Immelt as chairman when he retires on December 31, 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.