In a news release, GE said that John Flannery, current president and chief executive of GE Healthcare, will take over as CEO on August 1.
Immelt, 61, will remain as chairman through the end of the year, when he will retire.
In addition, Chief Financial Officer Jeff Bornstein was named vice chair and Kieran Murphy was named president and CEO of GE Healthcare to succeed Flannery. He has made dramatic changes to GE's business, not only through completing $260 billion in asset sales for GE Capital over the past two years, but in taking on big acquisitions and divesting out of businesses like GE Appliances, NBC Universal and GE Plastics.
"John is the right person to lead GE today", said Immelt in a statement.
Shares of General Electric Co. climbed 91 cents, or 3.3 percent, to $28.84 in morning trading. "The plan for the GE CEO transition process was set in 2011", said Brennan, adding: "The board is confident that in the years to come, GE investors and employees will benefit from Jeff's hard work". Immelt spent a good portion of his time at GE downsizing the company, casting off divisions such as the NBC television network and its appliances division, as well as numerous assets of the profitable GE Capital unit.
Penguins-Predators Game 5 Injury Report
Defensively, the Pittsburgh Penguins are allowing 2.8 goals per game and are killing 79.8 percent of their power play chances. If Crosby, 29, wins that trophy, he will match the two that Penguins owner and Hall of Fame center Mario Lemieux won.
Ticket sold in California matches all 6 numbers
Tickets always start flying out the doors once the jackpot gets this high, which just makes the jackpot grow even more. California Lottery spokesman Mike Bond said, "The last Powerball drawing to produce a jackpot victor was on April 1".
FDA tells Endo to remove Opana ER from the market
The move follows an FDA advisory committee vote of 18-8 in March concluding the drug's risks were greater than the benefits. The FDA indicated that if Endo declines to remove Opana ER voluntarily, the agency would withdraw approval for the opioid.
Flannery, 55, joined the company in 1987, evaluating risk for leveraged buyouts.
General Electric's long-time chief executive and chairman Jeff Immelt is retiring.
Mr. Flannery is the former head of GE's India business and former leader of its deals team. He expanded Life Sciences and also launched Sustainable Healthcare Solutions. Immelt took over as CEO on September 7, 2001, four days before the terrorist attacks. "He has transformed the GE portfolio, globalized the company and created a vision for the GE of the future by positioning the company to lead in digital and additive manufacturing".
GE stock has struggled in recent years, falling more than 10% so far this year as markets overall reached record levels. "He executed a massive portfolio transformation and navigated the company through economic cycles and business disruptions".