Jeff Immelt Steps Aside as GE Chairman, Months Ahead of Schedule
By Thomas Gryta
Jeff Immelt, the longtime leader of General Electric Co., is stepping aside as chairman and leaving the board of the industrial giant several months ahead of schedule.
Mr. Immelt, who resigned from the CEO role on Aug. 1 after 16 years at the helm, is handing over the chairman's seat to his successor, John Flannery.
The company said Mr. Immelt had determined the GE CEO transition was proceeding smoothly and that Mr. Flannery was ready to take over as chairman, according to a regulatory filing on Monday. The filing says the board concurred and elected Mr. Flannery effective Oct. 2.
The move shrinks the size of GE's board from 19 to 18 directors.
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(END) Dow Jones Newswires
October 02, 2017 16:43 ET (20:43 GMT)