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General Electric CEO Immelt to step down

19 Juin 2017

The new GE chief has turned around many businesses of GE around the globe, including Argentina, Chile, Japan, Korea and Australia apart from India. "I think the timing is flawless for the new CEO coming in to continue these investments and increase the value of GE's business". "I spent a lot of time making investments and assessing investments".

Now that GE has a new leader, people are searching for John Flannery's wife and John Flannery's kids.

Immelt also got rid of the NBC television network, a division of the company, GE appliances and GE announced last week that it is seeking to sell off it light bulb business - an iconic piece of the company since it was co-founded by Thomas Edison, the light bulb's inventor. Meanwhile, the giant corporation made acquisitions in areas like energy, life sciences, software, avionics, and 3D printing. He added that the health-care sector in particular offered "so much long-term growth", saying that GE was "just scratching the surface of what we can do in that business". "Then you'll see them doubling down, is my guess, on some of the core pieces of that". Three years later, he moved to Asia, where he was responsible for the Asia Pacific region for GE Capital.

Flannery, 55, will become chief executive of GE on August 1. "We're in an incredible position to go forward".

Yet investors were unimpressed.

Immelt took the helm in 2001 from legendary CEO Jack Welch. For most of his career, Flannery worked in GE's worldwide finance operations.

Questioned by analysts on the merits of GE's conglomerate model, Flannery, 55, pledged he would undertake "a comprehensive review of the portfolio", with an update in the fall.

In 2008, GE Capital had been producing more than half of the company's profit. GE Healthcare makes products like medical imaging equipment.

Davis also told CNBC he expected Flannery would break up many of GE's businesses, suggesting a spinoff of GE Healthcare might already be in the works.

Walsh said that he was "caught off guard" by General Electric's leadership shakeup announced Monday morning.

Immelt said he's been planning for several years to step down around now, regardless of shareholder sentiment. Immelt bought a $7.5 million home on Commonwealth Avenue in Back Bay a year ago ahead of the move, according to Boston Magazine. It could even find a new ear in Mr. Flannery's.

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 announcements were part of a succession plan that had been in place since 2011, and that now was an "ideal time for change" now that the company had completed its "pivot" away from financial services and the move of its headquarters from Fairfield, Conn., to Boston.

General Electric CEO Immelt to step down