GE Healthcare CEO Flannery promoted to GE ’ s corner office | Personnel Moves – June 12, 2017

Former GE Healthcare (NYSE:GE) head John Flannery will be stepping into the corner office for all of GE, replacing Jeff Immelt who is stepping aside after 16 years as head of the large conglomerate. The CEO transition will go into effect Aug. 1, while Flannery will also take over as board chair after Immelt retires on Dec. 31, GE said. “I want to start with a fresh look around the company overall and I think with a sense of urgency. There’s so many things we do well and have always done well and there’s clearly some areas we need to improve on and improve on quickly. No one’s happy with the stock price right now or some of the cash pictures that we have had,” Flannery said during a Facebook live session. Immelt took over GE from Jack Welch in 2001, and oversaw the conglomerate’s divestment of its GE Capital lending unit and TV network NBCUniversal. GE said that Immelt’s departure was not triggered by outside influences and that the summer of 2017 was set for Immelt’s departure as far back as 2013. Flannery helped lead a turnaround of the GE Healthcare business, which posted sales of $18.3 billion last year, increasing organic revenue 5% and margins by 100 base points in 2016, according to a GE statement. He initially joined GE through its former GE Capital division nearly 30 years ago, and has also spent time at the head of GE’s India business. On Flannery’s watch, the healthcare unit – best-known for imaging and diagnostics ...
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