General Electric Cosaid CEO Jeff Immelt would step down, capping a 16-year term that included steering the conglomerate through the financial crisis but saw its shares losing almost a third of their value on worries about the company's growth.
Mr. Flannery, 55, the president and chief executive of GE Healthcare, will take over a company struggling to increase profitability on August 1.
When Jeff Immelt became CEO of GE (GE) some 16 years ago, the big question was would he be able to fill the shoes of his legendary and crusty predecessor, Jack Welch.
GE said Monday that the moves were part of its succession plan.
General Electric on Monday announced the departure of longtime chief executive Jeff Immelt, whose moves to refocus the American conglomerate on its industrial roots had drawn mixed reviews on Wall Street. GE on Monday received US antitrust approval to combine its oil and gas operations with Baker Hughes, potentially creating an oil services powerhouse with more than $32 billion in revenue. No one outside the company, including Trian, knew about the change in GE leadership until 6:30 a.m. on Monday, according to the person close to Immelt.
"I'll look at each business, I'd say, with a focus on its performance, its growth outlook, the cash, the cost structures, the returns, the competitive environment", he said on a conference call with investors and analysts.
The overarching goal has been to shift GE to a more digital-focused industrial firm-or at least that's the narrative Immelt has been pushing. "He has broad experience across multiple businesses, cycles and geographies", Immelt said in the company statement.
GE has recently faced pressure from activist investor Trian Fund Management to cut costs and make other changes. While running business development at GE Corporate, he spearheaded the acquisition of Alstom's power business, which doubled GE's installed power base and strengthened its renewables portfolio (and beat Siemens to the punch).
Flannery is "a lifer, but he's kind of an outsider because he's a GE Capital guy", Davis said. Immelt who ran GE for 16 years, led the company through dramatic change, including its departure from CT last year. After more than a century in operation, the company has been willing to change to meet the evolving demands of today's grid. That underperformance had some pressing for more urgency from Mr Immelt.
For the past two years, the company said it planned to boost adjusted earnings to $2 a share in 2018.
Under Immelt, GE has sold off many of its disparate divisions to give it more of an industrial focus. In 1997, he moved to Argentina where he successfully led GE's Equity business in Latin America and the overall GE Capital business for Argentina and Chile.
Immelt is leaving GE as part of a "management shake-up", CNBC reported.
These Democrats might be on to something, especially in light of the way Pelosi figured into the Republican campaign in Georgia . Pelosi , 77, has led the House Democratic caucus for almost 15 years, from the minority into the majority and back again.
Like the rest of the movies, cars transform into huge robots, but they are bigger and better before due to the special effects. The movie redlines its engines throughout, but none of it works - and at 149 minutes, it feels almost a full hour too long.
Fultz led the Pac-12 in scoring, finished No. 6 among all Division I players, and was the top freshman scorer in the country. Despite the precautionary steps, Embiid played in only 31 games and needed surgery on his left knee in March.
Some of the steepest cuts would be to the commonwealth's Medicaid expansion, which covers 716,000 lower-income people statewide. If three Republican senators vote "no" on the legislation, the measure will fail, CBS2's Jessica Moore reports .
Much better to do what McPhee did, and accept picks in exchange for agreeing not to take actual useful players. Kolesar is still considered more of a prospect, having never played pro hockey at this point in his career.
Predictions in this political environment - and with Donald Trump in the White House - are a risky thing. Trump has so far largely left the Senate to do its work, remaining hands off through a hard process.
It was not enough to turn the tide for the Lions but it will give Gatland plenty of food for thought. Their pressure was overwhelming and it seemed in the first half hour that the Lions were collapsing.
He termed the opposition's stance as "losing strategy" and called for a better strategy for the 2019 Lok Sabha elections . Even after the 18-party Opposition bloc named Meira Kumar as its Presidential candidate, Nitish refused to back her.
Such comments about Pelosi were highlighted by Republicans on Thursday in an attempt to illustrate a divided Democratic caucus. "He didn't live in the district", adding, "But I think it bodes well for the president's agenda for now".
Jimmy Butler is easily a top 15 player in the National Basketball Association and one of the league's top two-way talents. Anigbogu had an very bad freshman season, during which he averaged just 4.7 points and 4.0 rebounds in 13.0 minutes.
The 19-year-old point guard averaged more than 20 points, five rebounds and five assists his freshman season with the Huskies. Fultz, a native of Upper Marlboro, Md., played his scholastic basketball at DeMatha Catholic High School in Hyattsville, Md.
Moto: Rossi, importante con i primi 10
Bene anche Valentino Rossi che dopo un avvio difficile è risalito fino alla sesta piazza alle spalle di Cal Crutchlow . Come stamattina, quarto tempo per la Ducati di Andrea Dovizioso , reduce da due vittorie di fila.
Stabenow Speaks Out Against GOP's Latest Health Care Bill
If no Democrats vote in favor of the bill, McConnell can only afford to lose two votes out of the 52 Republicans in the Senate. Toomey, who sat on the working group that planned the bill, said he would "thoroughly examine" it on Thursday.
Andre Ward defeats Sergey Kovalev by TKO in eighth round
Kovalev kept complaining to the referee he was being hit low and the referee, at least once, replied, "On the belt, on the belt ". Ward's style requires him to be lighter on his feet, swaying out of danger and lowering his head as he moves in and out of range.
Fassone, Donnarumma? Più certezze il 3/7
Un'infinità di illustri pensatori hanno deciso che il comportamento del portiere del Milan fosse immorale. La dirigenza rossonera incontrerà oggi il dg viola Pantaleo Corvino per discutere di Nikola Kalinic .
Kansas' Jackson, Duke's Tatum headline forwards in NBA draft
Would you take Ball over Jackson or Tatum? The Celtics got the No. 3 pick in that deal, which was finalized Monday afternoon. Strengths: Tatum possesses one of the most NBA-ready skill sets in the draft, with some comfort scoring at all levels.
Magic Johnson: Lonzo Ball is "new face of Lakers"
He should spend some time with the Lakers' G-League affiliate, the South Bay Lakers, for a good chunk of the season. He averaged 13.2 points as a rookie and improved to 15.6 points last season as the Lakers won 26 games.
Microsoft to bring OneDrive support to iOS 11 Files app
Apple's AirDrop feature can be super useful if you want to share a ton of photos with nearby, iPhone-wielding friends. This is clearly the most requested feature among vocal iPhone users on social networks and on forums like Reddit .