GE CEO and president Jeff Immelt is stepping down from his executive post in August, and as president at the end of the year.
There will be a shuffling of divisional CEOs in GE following the announcement in June that group CEO and president Jeff Immelt is stepping down from his executive post in August, and as president at the end of the year.
Mr Immelt has been at the helm of GE since 2001. During that time he successfully moved the company towards the heavy engineering end of the electrical manufacturing spectrum with a series of acquisitions in the power and oil and gas sectors, but failed to fully arrest a decline in GE’s share price.
He will be succeeded by John Flannery, currently president and CEO of GE's health care unit, who will take over as CEO in August. At the same time Steve Bolze, head of GE Power for the last 11 years, will leave the company. He had already agreed privately with Immelt that he would step aside if he wasn’t appointed head of General Electric Co as a whole.
He will in his turn be succeeded by Russell Stokes as president and CEO of GE Power. Stokes is currently the president and CEO of GE Energy Connections, a position he has held for the last 18 months, but his background is in GE’s transportation, lighting and aviation businesses.