General Electric CEO Jeff Immelt leaves post at short notice

  • Push-out Score suggests signs for push-out forces
  • After 16 years on the job
  • Accolades and praise for Immelt
  • John Flannery taking over
  • Immelt made a lengthy statement and said 67 words

(exechange) — Boston, Massachusetts, June 12, 2017 — Jeff Immelt, chief executive of General Electric, leaves. It is a change at short notice. As announced by General Electric Company in a news release and in a regulatory filing published on Monday, June 12, 2017, Jeffrey R. (Jeff) Immelt leaves the post as Chief Executive Officer at the conglomerate corporation after 16 years on the job, effective July 31, 2017.

It is the end of an era.

Immelt leaves the company effective December 31, 2017.

Immelt’s duties are taken over by John Flannery, currently President and CEO of the Healthcare division at General Electric Company.

Immelt’s move is part of a management shake-up also involving the position of Vice Chair.

“Result of a succession plan”

The imminent management change is explained as follows. General Electric said: “Today’s leadership announcements are the result of a succession plan that has been run by the GE Board of Directors since 2011.”

Precise information about the future plans of Immelt was not immediately available.

“Retire”

General Electric said: “Mr. Flannery succeeds Jeffrey R. Immelt, 61, who will retire as CEO on July 31, 2017.”

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.

Share price decline

The change follows a decline in the share price of General Electric Company since July 2016.

On the job as CEO since 2001

Immelt has been the Chief Executive Officer and President of General Electric Company since 2001.

He was selected as GE’s CEO by their Board of Directors in 2000 to replace Jack Welch upon Welch’s retirement from General Electric.

Previously, Immelt had headed up General Electric’s Medical Systems division (now known as GE Healthcare) as its President and CEO.

Immelt will remain Chairman of the Board for a transition period through December 31, 2017, at which point Flannery will succeed Immelt as Chairman, effective January 1, 2018.

Immelt’s bio reads as follows:

  • President and chairman-elect, GE (2000)
  • SVP, GE, and President and CEO, GE Medical Systems (1996–2000)
  • VP, GE, and general manager, GE Plastics Americas (1993–1996)
  • Joined GE in 1982 in corporate marketing and held series of leadership positions with GE Plastics in sales, marketing and global product development
  • Named one of the “World’s Best CEOs” three times by Barron’s

CURRENT PUBLIC COMPANY BOARDS

  • General Electric

OTHER POSITIONS

  • Former director, Federal Reserve Bank of New York, a government-organized financial and monetary policy organization Government
  • Former chairman, US Presidential Council on Jobs and Competitiveness Government
  • Trustee, Dartmouth College
  • Member, American Academy of Arts & Sciences

EDUCATION

  • Dartmouth
  • MBA, Harvard University
Push-out Score suggests signs for push-out forces

It is not completely certain what forces eventually triggered Jeff Immelt’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 25.2017 ($).