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GE CEO Immelt stepping down, Flannery to take over role


General Electric's long-time chief executive and chairman Jeff Immelt is retiring.

Flannery, named the next CEO of GE on Monday, will spend the next few months meeting with investors, customers, and employees, and reviewing "all aspects of the company", a spokeswoman said in an e-mail.

The replacement of Immelt is marked by some vocal investor dissatisfaction. In the role since the early 2000s, Immelt will remain as a Chairman at the company whilst John Flannery is set to take over as CEO.

The new CEO beat out colleagues such as Steve Bolze, the CEO of GE Power, and Jeff Bornstein, GE's chief financial officer.

Immelt's inability to move that stock price, indeed it fell by almost half during his tenure, was thought by many to be his undoing. He takes charge as CEO on August 1, and as chairman on January 1. GE also said it would seek to link bonuses for senior managers to achieving those cost-cutting and profitability goals.

The incoming CEO said he would scrutinize GE's portfolio "with speed and with urgency and with no constraint". Peltz has pushed GE under Immelt to deepen cost cuts to boost profits. He was paid a total of $27.5 million for 2015, down by 35% from the $32.9 million a year before.

Bloomberg once described Flannery as "prolific rainmaker in his previous role as head of business development at General Electric Co., logging more than $26 billion in deals, yet acquisitions are far from his mind as chief executive of the USA conglomerate's health-care unit". He has worked all over the world including Argentina and India.

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Trian has historically been loath to walk away from investments, and now has no plans to do so in the case of GE, according to a person familiar with the matter.

"The market didn't want to give Immelt any credit for those investments because so numerous things in the past haven't worked out". With extreme competence, and a talent for bringing out the best in people, Immelt steered the company through events such as Sep. "I think we've done this at exactly the right time". "Today, GE is a high-tech industrial company with a bright future".

Eventually, Immelt returned to the plastics division as general manager. Flannery got the news last Friday in a call from Immelt. Later, he went on to fish more tech giants like Hewlett-Packard.

"Immelt's departure comes amid mounting investor impatience, particularly given the stock's under-performance relative to peers", wrote Morningstar analyst Barbara Noverini. "He has a track record of success and led one of our most essential businesses", Mr. Immelt said in a statement.

In the past decade, Immelt had become acutely aware of the need to show massive returns.

However, since Immelt became CEO in 2001, GE's shares have fallen 29 percent, while the S&P 500 index more than doubled.

One of the more innovative ideas launched by GE recently is the design of prefabricated drug factories for making complex biotech medicines, an idea it is pioneering in both China and Ireland.

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