GE named John Flannery, current president and CEO of GE Healthcare, as the company’s CEO with effect on August 1, 2017, as well as chairman and CEO effective January 1, 2018.
Jeff Immelt, chairman and CEO, will remain chairman of the board through his retirement from the company on December 31, 2017, GE said in its statement on Monday.
In addition, Jeff Bornstein, current CFO, has also been promoted to vice chair of GE, with all the appointments coming in as a result of a succession plan that has been run by the GE Board of Directors since 2011.
Flannery began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In 2002, Flannery became the president and CEO of GE Equity and in 2005 he moved to Asia where he was responsible for the Asia Pacific region for GE Capital. He joined GE Helthcare in 2014.
During his tenure, the retiring Immelt grew a strong share position in essential industries and built a backlog of $320 billion. GE nearly doubled its industrial profit during his leadership, and operating EPS was up approximately 50 percent, the company said.