GE’s Immelt Steps Down, Flannery Moves Up Amid Trian Squeeze
- Shares surge as health-care boss to take reins on Aug. 1
- Outgoing chief’s tenure included renewed manufacturing focus
General Electric Shares: CEO Jeff Immelt's Legacy
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Jeffrey Immelt is stepping down as chairman and chief executive of General Electric Co., bringing to an end a tumultuous 16-year tenure in which he dramatically reshaped the manufacturing powerhouse but failed to win over Wall Street.
Amid mounting pressure from activist investor Trian Fund Management for operational changes, GE said Monday that Immelt will be replaced by John Flannery, a 30-year company veteran who oversaw a jump in profits at the health-care unit. In a sign of just how great opposition to Immelt had become in the investing community, the stock soared the most in 20 months.