CEO of General Electric stepping down - WDRB 41 Louisville News

CEO of General Electric stepping down

Posted: Updated:
Jeff Immelt Jeff Immelt

LOUISVILLE, Ky. (WDRB) - General Electric CEO Jeff Immelt is stepping down.

55-year-old John Flannery, president and CEO of the conglomerate's health care unit, will take over the post in August.

The 61-year-old Immelt, who has led the company since 2001, will stay on as chairman until his retirement from the position at the end of the year.

In addition, Chief Financial Officer Jeff Bornstein was named vice chair.

GE said Monday that the moves were part of its succession plan.

Shares of General Electric Co. climbed more than 2% in premarket trading.

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