GE CEO and Chairman of the Board Jeff Immelt is retiring at the end of 2017. The board has selected current President and CEO of GE Healthcare John Flannery to replace him.
Mr. Flannery will take over as CEO of the company on Aug. 1 and as board chairman on Jan. 1, 2018. Mr. Immelt will remain as chairman of the board through the end of the year.
Mr. Flannery joined GE Capital in 1987, where he focused on evaluating risk for leveraged buy-outs. He led GE's Equity business in Latin America and the overall GE Capital business for Argentina and Chile, eventually becoming president and CEO of GE Equity. Additionally, he served as business development leader at GE Corporate.
Mr. Flannery led GE Healthcare since 2014, heading a turnaround of the business. Among his many achievements was the launch of Sustainable Healthcare Solutions, which aims to bring disruptive technologies to healthcare providers across emerging markets.
Mr. Immelt served at the helm of GE since 2001. During his tenure, GE acquired global energy firm Alstom, announced the combination of GE Oil & Gas with Baker Hughes and divested legacy businesses such as GE Appliances and NBC Universal.
"John is the right person to lead GE today," said Mr. Immelt in a statement. "He has broad experience across multiple businesses, cycles and geographies. He has a track record of success and led one of our most essential businesses."