Immelt set to retire as General Electric chief

Immelt set to retire as General Electric chief

General Electric announced on Monday that Jeff Immelt is stepping down as chief executive.

Flannery will take over General Electric Co GE.N from Jeff Immelt, who is stepping aside after 16 years as head of the conglomerate he helped steer through the financial crisis but which is now worth a third less than when he took over. While CEO, GE returned $143 billion to investors in dividends, more than in the entire prior history of the company.

The new GE chief has turned around many businesses of GE around the globe, including Argentina, Chile, Japan, Korea and Australia apart from India. Last year GE merged its oil and gas divisions with service provider Baker Hughes, according to the New York Times.

He also will receive at least $20.7 million from early vesting of restricted stock and pro-rated portions of his target performance shares, based on GE's closing price Friday, as well as $9.86 million from deferred compensation plans.

The company said Kieran Murphy, president and CEO of GE Healthcare Life Sciences, will replace Mr Flannery.

GE said Immelt's departure was not triggered by outside influences, and that its board set the summer of 2017 for Immelt's departure as far back as 2013. "He executed a massive portfolio transformation and navigated the company through economic cycles and business disruptions". 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 succeeded iconic executive Jack Welch, who put his stamp on the company by increasing the breadth of its businesses. In his tenure, GE empowered Flannery and restructured the Indian management by making all local business heads report into him instead of the global business heads.

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. 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.

CFRA analyst Jim Corridore said while Immelt "should get credit for transforming GE away from consumer finance", the pace of change "has been slow and the company has had execution challenges".

"It is unimaginable, at least to me, that they would walk away from health care when it was nearly certainly the No. 1 factor in their decision to come to Boston", Coburn said, adding he has met with Flannery many times and called him "exceptionally smart".

The succession plan had been in place for years, and for some on the street it was a welcome change.

Related Articles

  • Conspiracy Theorists Think Lorde Is a Secret Onion Ring Critic

    Conspiracy Theorists Think Lorde Is a Secret Onion Ring Critic

    Now dive in - the account writer describes an onion ring as being "eaten ceremoniously on a plane from Tennessee to New York". As a part of the investigation, Bracewell-Worrall reached out to Lorde's team with a series of onion ring-related questions.

    Bradley: Arena has restored US identity

    As for the next World Cup qualifying match, the USMNT looks ahead to return to home action against Costa Rica on September 1. All the lineup changes? Though they only had 26 percent of the ball, the USA even had their chances to win the game.

    North Korea releases jailed United States citizen Otto Warmbier

    The DPRK Supreme Court sentenced him to 15 years of hard labor last March after he tearfully confessed in a televised proceeding. Rodman was traveling with Volo and Columbia University geneticist Joe Terwilliger, who has accompanied Rodman on previous trips.
  • U.S.  attorney general to face questions on Comey firing, Russian Federation

    U.S. attorney general to face questions on Comey firing, Russian Federation

    Tuesday's hearing may also throw new light on the awkward state of the relationship between Trump and Sessions . The Justice Department says Sessions looks forward to answering the committee's questions.

    Trump Again Refutes Comey's Claims

    He said he can also be interviewed by the special counsel who investigates Trump associates' ties to Russia , Robert Mueller. The Secret Service handled recording systems within the White House for past presidents, including Richard Nixon and John F.
    Here Is An iPhone 8 Running iOS 11 [CONCEPT]

    Here Is An iPhone 8 Running iOS 11 [CONCEPT]

    Apple also reduced the stylus' latency to 20 milliseconds, just beating out the Microsoft Surface Pen at 21 milliseconds. In the less than a week's time I've been using iOS 11 on my iPad it's completely changed my outlook on the device.
  • Nadal storms into quarters, Muguruza and Venus exit

    Nadal storms into quarters, Muguruza and Venus exit

    In other matches , Japan's eighth seed Kei Nishikori survived a scare to beat unseeded South Korean Hyeon Chung in five sets. However, the former world number one added: "I remember this pressure in the past, because I take time before I serve".
    Sessions denies 'scurrilous' Russian Federation  claims

    Sessions denies 'scurrilous' Russian Federation claims

    Maybe most prominent is the Democrats' insistence that those testifying share conversations they've had with President Trump . "Further, I have no knowledge of any such conversations by anyone connected with the Trump campaign", Sessions said .

    Institutional Portfolio Favorite in Spotlight: Cypress Semiconductor Corporation (NASDAQ:CY)

    Oregon Public Employees Retirement Fund stated it has 0.03% of its portfolio in Cypress Semiconductor Corporation (NASDAQ:CY). Finally, Hourglass Capital LLC raised its position in Cypress Semiconductor Corporation by 23.5% in the third quarter.
  • Avalanche not identifying players protected from National Hockey League  expansion draft

    Avalanche not identifying players protected from National Hockey League expansion draft

    Should they select an RFA, the team they are selecting him from will not be eligible for compensation as they normally would be. Las Vegas will have a 72-hour window, starting on June 18, to negotiate with exposed restricted and unrestricted free agents.

    My 2 Cents: Kevin Durant Wins Championship With The Warriors

    Golden State took the best-of-seven series 4-1, reclaiming the throne they lost to the Cavaliers a year ago. Amid Jason Day's opinions about Erin Hills and his prospects for the 117th U.S.

    Top 8 lines from Jeff Sessions' hearing

    This isn't good enough for Rhode, however, because Sessions can't prove he was unaware of the president's reason for firing Comey. US officials have said since December that the Kremlin interfered in the 2016 election so President Donald Trump could win.