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5 of the Biggest Challenges GE's Jeff Immelt Faced As CEO

18 Juin 2017

The reaction came in response to the company announcing that Jeffrey Immelt will end his 16-year tenure as GE's chief executive this summer.

Flannery, meanwhile, has played a pivotal role in building up GE Healthcare's digital solution base since he first joined the business in 2014.

After earning a bachelor's degree in finance and a Wharton MBA, he spent 10 years at GE Capital's Stamford, Connecticut, office before being sent to Argentina in 1997 to help the Latin American operations.

"I see the reality of this in a very tangible way all the time", Flannery said. Just like Goldman Sachs and Bank of America, it took a lot of time to stabilize the goldmine and restore the confidence of tired customers and investors.

"John is the right person to lead GE today", Immelt said in a statement, according to CNBC.

The problem is that GE is an ever changing portfolio of businesses unconnected by any organizing principle.

John Flannery has been named CEO of General Electric, effective August 1. The new CEO may be more willing to pursue a much-needed breakup of the company, Davis said.

There were great expectations when Immelt replaced the legendary Jack Welch as CEO back in 2001. Even with the gain, the shares have dropped 8.4 per cent this year, compared with an 8.5 per cent increase for the S&P 500 Index.

GE jumped 3.6 percent to $28.95 at 10:23 NY after climbing as much as 5.5 percent for the biggest intraday gain since October 2015. GE's current market cap is $251.3 billion.

One of the more innovative ideas launched by GE recently is the design of prefabricated drug factories for making complex biotech medicines, an idea it is pioneering in both China and Ireland. He led the company not only through the period following the attacks but also the 2008 crisis in financial markets.

On Flannery's watch, the healthcare unit - best-known for imaging and diagnostics - has also expanded into life sciences, offering a range of services to pharmaceutical and biotech companies.

Make it your business.

NOGUCHI: However, says Wharton Business School professor Michael Useem, Immelt gets credit for revamping GE.

Immelt invited Trian's 2015 investment in GE.

"I'm thrilled that the successor is another GE executive that ran their healthcare business", Greeley said.

The timing of the CEO announcement caught Greeley and other local leaders by surprise. He also bought a home in Boston's Back Bay neighborhood past year, the Boston Globe reported.

Flannery's "star had clearly risen in the past six months", Dray said.

Activist investor Nelson Peltz's Trian Fund Management, which owned 68.9 million shares of GE worth US$2.05 billion as of March 30, has criticised the company's performance and pressed for asset sales and cost cutting. The company said the moves were the result of a succession plan that has been reviewed by the GE Board of Directors since 2011.

5 of the Biggest Challenges GE's Jeff Immelt Faced As CEO