Lunedi, 15 Ottobre, 2018

Immelt to step down at GE, Flannery to take CEO post

Sveva Terracina | 18 Giugno, 2017, 04:03

John Flannery has been named CEO of General Electric, effective August 1.

Of late, however, shareholders, though, have reportedly not been happy with the company's financial performance over the past decade under Immelt's leadership.

Flannery, a 55-year-old who joined the company 30 years ago and is now the head of its healthcare unit, will also become chairman after Immelt retires on December 31. According to his company bio, he also bolstered the unit's digital and technological capabilities, particularly through the launch of Sustainable Healthcare Solutions, to reinforce the company as a leader in industry technology. He became the President and CEO of GE Equity in 2002 and moved to Asia in 2005 to be responsible for the Asia Pacific region for GE Capital.

Immelt (pictured above, left) transformed GE into a "simpler" and "deeper" company, Flannery (pictured above, right) said during a town hall discussion broadcast live Monday on Facebook.

He also helped to position GE Healthcare in imaging, digital platforms and by expanding life sciences efforts.

Mr. Flannery will review the businesses and doesn't come into the job with any sacred cows, but no major changes are anticipated at this time and there is no mandate to shake up the portfolio, the person said.

In his view, Flannery's prior experience leading GE's business development team, which seeks out M&A deals, would make him "readily adept at maximizing value and structuring potential exits" - as Flannery did through the 2015 acquisition of Alstom's power and grid business.

"In the next few months, my focus will be on listening to investors, customers and employees to determine the next steps for GE", he said in a statement.


Mr. Bornstein will remain chief financial officer and become vice chairman, GE said.

GE said Immelt's departure was not triggered by outside influences and was the culmination of six years of succession planning. While CEO, GE returned $143 billion to investors in dividends, more than in the entire prior history of the company. Flannery joined GE Healthcare in 2014, overseeing a turnaround of that business, the company said. "The market didn't want to give Immelt any credit for those investments because so numerous things in the past haven't worked out".

It's worth noting that Immelt also ran GE Healthcare before he was tapped for GE's top post.

"The market didn't want to give Immelt any credit for those investments because so numerous things in the past haven't worked out".

Jeff Windau, an analyst at Edward Jones, likes the GE story, particularly restructuring out of capital.

Vertical Research analyst Jeff Sprague agreed with Davis and expects the company to lower expectations for its earnings targets.

"He made a lot of transformative calls, and, frankly, courageous calls and, I would say, frequently lonely calls", Flannery said.

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