Jeff Immelt, the current Chief Executive of GE is stepping down. GE which was once the most valuable company in the world has lost its ground since 2008 where its growth has slumped.
John Flannery who has been with the GE for the past 30 years and has also been the Country Chief in India is named the new Chief Executive. He will take over the baton on August 1,2017.
Immelt said the transition was first discussed in 2013 and GE leadership had targeted summer 2017 to make the change.
“I see the reality of this in a very tangible way all the time,” Flannery said.
GE has been accused by activist investor Nelson Peltz who wanted the company that was hit by plunge in oil prices to cut its costs in order to boost the profits. The news of top order shake-up has been in the news over the past few months with Ford announcing the change. Earlier, Honeywell International and Caterpillar also announced the shakeup in the top management.
Immelt who succeeded the legendary Jack Welch has been in the post of Chief Executive for 16 years and was instrumental in steering the company to take over French industrial giant Alstom apart from proposing a merger with oil major Baker Hughes.