Jeffrey Immelt To Step Down As General Electric CEO

Long-time General Electric Company (NYSE:GE) CEO Jeff Immelt stepped down in a sudden and surprising move on Monday, as the industrial giant promoted from within to fill the important role. And this year, GE is down 6.9 percent as the index climbed 7.7 percent.

But, despite the potential for changes, the early prediction among some local business leaders is that the 55-year-old Flannery will continue down the path Immelt has put GE on, broadly speaking.

"My guess is they've probably got the portfolio of businesses close to what they want it to be", Greeley said. GE began the process of relocating its global headquarters from Fairfield, CT, to Boston a year ago, and Immelt has made efforts to connect with the local business community. As of 2016, the company had invested $20 billion in clean technology innovation and solutions that returned more than $270 billion of revenue, Ecomagination Global Executive Director Deb Frodl told GTM's Julia Pyper.

General Electric Company shares rose $0.46 (+1.65%) in premarket trading Monday on the news.

The change comes as GE has been under pressure by activist investor Trian Fund Management to slash costs and boost profits in the company's core industrial business.

Flannery most recently showed off his ability to turn around a business as head of GE's health-care unit, which makes diagnostic imaging machines.

Immelt, who took over from the legendary Jack Welch, oversaw major deals such as the 2015 purchase of the power assets of French industrial giant Alstom and a spate of large divestments from GE Capital after the 2008 financial crisis that essentially unloaded what was effectively the fifth biggest USA bank after the financial crisis hit the unit.

IL governor calls special session to force budget deal
We've seen this before: "political stunts that cost taxpayers money instead of actual governing". Senate Republican Leader Christine Radogno said she's hopeful a budget deal can be reached.

$2 billion in costs to align executive bonuses with cuts and profit goals.

Mr Immelt also oversaw the divestment of GE Capital - its massive lending unit - shifting the conglomerate's focus from finance to manufacturing, and bet on developing digital technologies to transform the company's factories. Trian and GE also tied senior management compensation to delivering on the more ambitious goals.

"John is the right person to lead GE today", Immelt said in a statement, according to CNBC.

Here are the five biggest challenges Immelt faced during his time as CEO of GE.

Vertical Research analyst Jeff Sprague agreed with Davis and expects the company to lower expectations for its earnings targets.

Under Immelt, GE has sold off many of its disparate divisions to give it more of an industrial focus. GE and competitors like Siemens see big opportunities in that sector as the world moves away from coal and toward cleaner natural gas, solar power and wind energy. He also jettisoned NBC Universal, the news and entertainment unit, as well as GE's appliances and plastics divisions.

CNBC reported that Flannery "has been named CEO of the company, effective August 1, and chairman effective January 1, 2018".

Related News:

  • Seven US sailors missing after destroyer collides with cargo ship

    Seven US sailors missing after destroyer collides with cargo ship

    The collision took place in the early hours of Saturday morning, when numerous ship's crew would have been asleep in their bunks. The Navy's 7th Fleet reported the developments in an update on the stricken ship that was nearing the port of Yokosuka in Japan.
    TV presenter sorry about misjudging Ariana Grande

    TV presenter sorry about misjudging Ariana Grande

    During the almost three-hour concert, Grande was joined by a school choir onstage to sing her own hit, "My Everything". Ariana Grande is ready to step back onto the stage for her Dangerous Woman tour, and we are so proud of her.

    UK, EU in suspense as May tries to strike power deal

    Former minister Anna Soubry, who is fiercely pro-EU, insisted that the PM must "absolutely" water down her Brexit plans. It was reported that diary commitments meant finalisation of any deal could be delayed until next week.
  • Trump publicly acknowledges Russia probe includes him

    Thursday, Trump griped he was receiving unfair treatment from investigators compared with his election opponent, Hillary Clinton . Those very public actions and statements alone cry out for investigation. "I can go around them".
    Nevada governor signs bill to revive solar industry

    Nevada governor signs bill to revive solar industry

    Senate Bill 554 was among the few nail-biter proposals that passed in the final hour of the 2017 legislative session on June 5. While this is not full retail-rate net metering, it's clearly a better deal than PV systems owners were getting before.

    Northam, Gillespie Win Virginia Governor Nominations

    Total turnout was slightly more than 150,000 in the 2013 Democratic governor's primary and almost 320,000 the 2009 primary. A low-key pediatric neurologist, Northam delivered a fiery victory speech Tuesday before winning the Democratic primary.
  • Britain's May confident on power-saving deal, to open parliament next week

    LONDON (AP) - The leader of Britain's House of Commons says the state opening of Parliament will take place on June 21. In a separate interview, she said the talks with the Conservatives had covered corporation tax and same-sex marriage.

    Trump tweets of witch hunt amid Russian Federation probe, bashes Hillary Clinton

    Earlier, Rosenstein had authored an extensive and publicly-released memorandum recommending former FBI-chief James Comey's firing. Last week, Comey testified in a Senate hearing that he believed he was sacked "because of the Russian Federation investigation".

    Ronaldo attracting the headlines after report he might leave

    With a team well balanced by coach Fernando Santos, Portugal outscored opponents 28-4 during that streak, with five clean sheets. Portugal won 2-1 the only time it faced Mexico in an official match, in the group stage of the 2006 World Cup in Germany.
  • 'Trooping the Color' in London for Queen's Official Birthday

    'Trooping the Color' in London for Queen's Official Birthday

    She yesterday visited west London after a deadly fire claimed the lives of at least 30 people at Grenfell Tower in Kensington. In 1748 it was announced that the parade would also mark the Sovereign's official birthday.
    Spotify rakes 140M monthly users, still in loss

    Spotify rakes 140M monthly users, still in loss

    It is apparently weighing a direct listing, a way to list a company on a stock exchange without issuing new shares to the public. Though the majority of Spotify users listen for free, paying subscribers accounted for about 90 per cent of the company's sales.
    Trump lashes out at 'bad,' 'conflicted' Russian Federation  investigators

    Trump lashes out at 'bad,' 'conflicted' Russian Federation investigators

    Additionally, Mueller has hired other key personnel to his team as well, including Andrew Weissmann, chief of the fraud section of the DOJ's Criminal Division.


Most liked

Coli bacteria found in drinking water at US Open
ERIN, Wis. (AP ) - An 11-year-old golf course shaped from Wisconsin pastureland was sure to bring something different to the U.S. As I've gotten older, I've gotten a little farther, but a lot more straighter. "The golf course is actually really handsome ".

Kareem Abdul-Jabbar sounds off on LaVar Ball
When asked about his motivation prior to the game against Lonzo, Fox revealed he had a "shut LaVar Ball up" mindset. Los Angeles will also be meeting with Ball's outspoken father, LaVar, on Friday.

Trump has 'no intention' of firing special counsel Mueller: White House
I want to ask you about that, because there are some Republicans out there saying that Robert Mueller shouldn't be doing this job. Peter Carr, a spokesman for Mueller, declined to comment on the issues Gingrich and others have raised.

Trump confirms he's under investigation, fires angry tweets
The Twitter attacks came as Vice President Mike Pence hired a personal lawyer to represent him in the intensifying investigation. Still, the snowballing investigation has deeply angered Trump, who denies he has any nefarious ties to Russian Federation .

Hurricane forecasters up odds on two systems in Gulf and Atlantic
The Atlantic storm was moving westward at a quick clip of 15 to 20 miles per hour and could develop more slowly as it tracks west. The next names on the list of tropical storms in the Atlantic basin for 2017 are Bret and Cindy, following Arlene from April.

Republicans, Democrats Play Ball for 'Team Scalise'
It is not clear how much damage the bullet did, but doctors say such wounds can be serious if they impact vital organs. Organizers said Thursday that they had already raised over $1 million for charity and sold more than 20,000 tickets.

McIlroy hits back after accused of being 'bored' by Elkington
It was a US Open to forget for Rory McIlroy after he failed to make the cut by four shots. And while it will be a little jarring to not have the 2011 U.S.

French Pres. Macron Wants France To Be A 'Start-Up Nation' - Sound Familiar?
Another proposal put forward by Macron was a European Venture Fund that can support start-ups as they grow. Le Pen also blamed a severe setback of her party in Sunday's vote on a record low turnout.

Amazon deal for Whole Foods could bring retail experiments
He said he expects the marketing to begin shortly after the combined company closes the deal in the second half of the year. A Whole Foods Market purchase awaits placement in a auto trunk, outside the Jackson, Miss., store Friday, June 16, 2017.

Orlando soccer star Larin arrested for DUI
He's logged 20 appearances for Canada, most recently helping his country beat Curacao 2-1 in a friendly Tuesday night in Montreal. The trooper described Larin as having bloodshot and glossy eyes with dilated pupils. "His pupils were extremely dilated as well".

Trump Eases Deportations Fears Of DREAMers, Leaves Program In Place For Now
That program stalled in court after the order was successfully challenged by Texas and 25 other states two years ago. The Trump administration will continue to allow reprieve for immigrants who illegally entered the U.S.as children.

Trump's Washington hotel saw almost $20 million in revenue
It also doesn't address what he paid in taxes according to The Atlantic , as he still refuses to make his tax returns public. The report revealed that the president's net worth is at least $1.1 billion and that he owes $320 million to the banks.

Woman who stormed stage during 'Julius Caesar' is arrested
After being released from jail, Loomer took to Twitter with a crowdsourcing link to raise money for her defense fund. Posobiec defended the pair's actions in a statement to The Daily Caller shortly after the event.

Scalise doctor hopes for 'excellent recovery' despite risk
Although Scalise was able to talk on the ballfield, by the time he was transported by helicopter to the hospital, he was in shock. Scalise has been an avid participant in the game since arriving in Congress in 2008. "He took a bullet for all of us".

US Fed official raises doubt about weakening inflation
It also maintained its forecast of one more rate hike this year and three the next. Fed officials on Friday signaled that doubts are simmering.