Correction to GE CEO Jeff Immelt to Step Down

By Thomas Gryta Features Dow Jones Newswires

General Electric Co. said longtime leader Jeff Immelt will step aside as chief executive on Aug. 1, ending a 16-year run atop the conglomerate that he reshaped after the financial crisis but has struggled recently to boost profit.

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GE said Monday that Mr. Immelt will be replaced by the head of the company's health care business, John Flannery. Mr. Immelt will stay on as chairman of the board through the end of his retirement from the company on Dec. 31.

Mr. Flannery, 55, is a 30-year veteran of GE.

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Corrections & Amplifications

This story was corrected at 7:34 a.m. ET because it incorrectly stated Joe Flannery was a 12-year veteran instead of a 30-year veteran of GE.

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John Flannery is a 30-year veteran of GE. "GE CEO Jeff Immelt to Step Down," at 6:55 a.m. ET and an update at 7:02 a.m ET incorrectly stated he was a 12-year veteran.

(END) Dow Jones Newswires

June 12, 2017 07:43 ET (11:43 GMT)