GE's Jeff Immelt To Step Down As CEO And Chairman

Jeff Immelt is retiring and will be replaced as chief executive of GE by John Flannery as of Aug. 1, the industrial conglomerate said Monday. Immelt will stay on as chairman of the board through the end of his retirement from the company on Dec. 31, 2017, GE said in a statement. Flannery will then be CEO and chairman, effective Jan. 1, 2018. Flannery is currently president and CEO of GE Healthcare. GE also announced that Jeff Bornstein, currently chief financial officer at GE, has been promoted to vice chair of the company. GE shares rose 2.2% in premarket trade after the news.