GE CEO Jeff Immelt Stepping Down

General Electric (NYSE:GE) said Monday Jeffrey Immelt is stepping down as chief executive officer, ending a controversial 16-year term.

"In a conglomerate like GE, some parts of the portfolio will always be up for review, but I don't expect large-scale shedding (of business units), to be honest", said Morningstar equity analyst Barbara Noverini.

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

Mr Flannery said he would scrutinise GE's portfolio "with speed and with urgency and with no constraint". On Monday, GE reached a deal with USA regulators to win approval of its purchase of oilfield service giant Baker Hughes.

GE has spent billions building a digital business that marries electronic sensors and powerful analytic computing to industrial equipment and has no plans to change that focus. "We're in an incredible position to go forward".

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He said that while "no one's happy with the stock price now", the health care sector in particular offered "so much long-term growth", adding that GE was "just scratching the surface of what we can do in that business".

Joyce O'Rourke, Flannery's junior year homeroom teacher, said Flannery was your "typical, fun-loving, all-around good kid".

John Flannery will take over as CEO of General Electric Co. effective August 1, vacating his current position as CEO of GE Healthcare.

The company's shares were up 3.8 percent at $29 as Flannery's appointment ended six years of succession planning.

Mr Immelt, 61, who took over from Jack Welch in 2001, has been credited with guiding the company through the recession, which almost toppled the maker of jet engines, wind turbines and locomotives.

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Despite investing heavily on developing digital products, from sensors in jet engines to augmented reality software, shareholders have been wary of the company's new direction. While CEO, GE returned $143 billion to investors in dividends, more than in the entire prior history of the company.

"The market didn't want to give Immelt any credit for those investments because so numerous things in the past haven't worked out". Later, Trian Fund Management and Peltz reached an agreement with GE that led to cutting $2 billion in costs.

"His background in the Capital side may mean that he bring some financial discipline to the CEO role", Julian Mitchell, an analyst with Credit Suisse, said Monday in a note.

GE announced today that Jeff Immelt will step down as CEO of General Electric.

He also will receive at least $20.7 million from early vesting of restricted stock and pro-rated portions of his target performance shares, based on GE's closing price Friday, as well as $9.86 million from deferred compensation plans. Immelt spent a good portion of his time at GE downsizing the company, casting off divisions such as the NBC television network and its appliances division, as well as numerous assets of the profitable GE Capital unit.

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