GE Board of Directors replaces Jeff Immelt as CEO!
The General Electric (GE) board of Directors has appointed John Flannery the new CEO, replacing a controversial Jeff Immelt.
Jeff Immelt has overseen the operation of General Electric since Jack Welch left 16 years ago. General electric, a DOW component has done poorly those past 16 years and has never recouped its Dividend or its share price since the financial collapse in 2008.
General Electric was once trading at over $40 per share and now almost ten years later is trading well below $30 per share. This lack of performance along with many controversial moves made by Immelt over the years such as the dumping of many iconic GE divisions, while returning nothing to its shareholders has angered many. Even its financial divisions were sold off with no return for shareholders which angered many shareholders causing the to sell out of the company stock.
JOHN FLANNERY NAMED CHAIRMAN AND CEO OF GE
June 12, 2017Jeff Immelt to Remain Chairman of the Board through December 31, 2017Jeff Bornstein Named Vice Chair of GE; Continues as CFOPortfolio Transformation Paves Way for New LeadershipGE’s 2017 Framework Remains UnchangedBOSTON – June 12, 2017 – GE (NYSE: GE) announced today that John Flannery, current President and CEO of GE Healthcare, has been named CEO of the company by the GE Board of Directors effective August 1, 2017 and Chairman and CEO effective January 1, 2018. Jeff Immelt, Chairman and CEO, will remain Chairman of the Board through his retirement from the company on December 31, 2017. In addition, Jeff Bornstein, current CFO, has also been promoted to Vice Chair of GE. Today’s leadership announcements are the result of a succession plan that has been run by the GE Board of Directors since 2011.Jack Brennan, lead independent director for GE’s Board of Directors, said, “During this time of dynamic global markets and relentless focus on technology and operational excellence, there is no better person to lead GE than John Flannery. He brings unique experience and a strong skill set to the job. John has spent almost half of his career living outside of the United States and has led complex financial and industrial businesses all over the world, including running GE Healthcare, GE in India and the business development team for GE through the successful acquisition of Alstom. John has had a direct influence on the company’s direction, its financial health and its position as the world’s premier digital industrial company.”For More information and the complete text of the press release: GE Press Release for New CEO appointment