GE Shake-Up

Immelt out; Flannery in, power and energy units combined

General Electric announced Monday that John Flannery, current President and CEO of GE Healthcare, has been named CEO of the company by the GE Board of Directors. The move will be effective August 1, 2017.

Jeff Immelt, current Chairman and CEO, will remain Chairman of the Board through his retirement from the company on December 31, 2017. In addition, Jeff Bornstein, current CFO, has also been promoted to Vice Chair of GE.

The company said the changes are the result of a succession plan that has been run by the GE Board of Directors since 2011.

In a direct correlation with the restructuring, Steve Bolze, top executive at GE Power, announced his retirement Monday after not being granted the top position. This was followed by another GE announcement Wednesday that it will combine its power and energy distribution businesses to create its largest unit by revenue.

Flannery began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve companies’ operations. In 1997, he moved to Argentina to lead GE’s Equity business in Latin America and the overall GE Capital business for Argentina and Chile.

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