General Electric CEO Jeff Immelt is stepping down, the company announced Monday, ending a 16-year-term that included the expert navigation of the financial crisis, which nearly put an end to the maker of wind turbines, jet engines and locomotives.
John Flannery, the current head of GE Healthcare, will replace the 61-year-old as CEO, effective Aug. 1,, Reuters reported.
Immelt will remain chairman until he retires on Dec. 31.
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