Jeff Immelt to retire as GE CEO, Flannery to succeed

IndustrialsReuters

General Electric said Jeff Immelt would retire as chief executive and would be replaced by John Flannery, the head of GE healthcare, ending a years-long succession plan.

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Immelt, 61, will remain chairman through his retirement on Dec. 31. Flannery will take over as CEO, effective Aug. 1 and chairman following Immelt's departure.

The company's shares were up 3.6 percent in premarket trading.