General Electric appoints new chief executive

Dhaka,  Thu,  29 June 2017
Published : 13 Jun 2017, 14:08:55
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General Electric appoints new chief executive

General Electric appoints new chief executive
General Electric has appointed a new chief executive to replace Jeff Immelt, bringing to an end his 16-year tenure in which the group was fundamentally restructured but its shares underperformed the wider US market, according to a global media report on Tuesday.

John Flannery, a three-decade veteran of the conglomerate who runs its healthcare division, will take over from Mr Immelt from August 1 with a mandate to improve results amid growing shareholder unrest. He will assume the chairman’s post from next year.

Mr Immelt has been criticised recently for GE’s disappointing performance but the company said the move was the result of a succession process under way since 2011. 

“The board is confident that in the years to come, GE investors and employees will benefit from Jeff’s hard work,” Jack Brennan, lead independent director, said in a statement.

Mr Flannery, 55, is expected to begin a review of GE’s operations but is not seen as likely to order a complete break-up of the group, which spans a range of industrial businesses from jet engines to medical scanners to wind turbines.

The appointment suggests that GE’s board is not looking for radical change. He is an insider who began working at GE Capital 30 years ago and has the classic high-flyer’s career, cycling through a number of different divisions and countries, including India and Argentina.

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