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Principale » GE names John Flannery as chairman and CEO

GE names John Flannery as chairman and CEO

13 Juin 2017

In the role since the early 2000s, Immelt will remain as a Chairman at the company whilst John Flannery is set to take over as CEO.

In our view, the announcement marks the end of a tumultuous period for GE, during which the company evolved from a sprawling conglomerate toward today's more streamlined industrial portfolio.

"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.

During Flannery's tenure in India, when GE's business bounced back from a phase of declining revenue, he was bullish about the country. Immelt bought a $7.5 million home on Commonwealth Avenue in Back Bay past year ahead of the move, according to Boston Magazine. The approval is conditioned on GE selling its Water and Process Technologies business. But other shareholders may be less likely to go along with such an effort as they give Mr. Flannery time to boost the stock and improve performance, making an already tough-to-win vote significantly more hard. "I spent a lot of time making investments and assessing investments".

GE's gains led the Dow following the news of Immelt stepping down on Monday, climbing 5.5% to $28.87, the biggest increase since July 2008.

Immelt also oversaw the restructuring of the GE Capital unit and shifted the conglomerate's focus from finance to manufacturing. Meanwhile, the giant corporation made acquisitions in areas like energy, life sciences, software, avionics, and 3D printing.

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Selon elle, "il y a eu (dans la société, ndlr) un épuisement général, le 49-3, les attentats. une saturation, et le besoin d'apaisement, d'accalmie".

The problem is that GE is an ever changing portfolio of businesses unconnected by any organizing principle. "Then you'll see them doubling down, is my guess, on some of the core pieces of that". Not long ago, when Boston profiled him in a cover story, Immelt and his associates expressed that he had no plans of jumping ship. He became president and CEO of the company's equity unit in 2002 and eventually joined the health care unit in 2014, focusing on advanced technologies. Mr. Flannery will take over as chairman of the board next year. 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. And I think we've got it well on track, " Mr. Immelt said at an investor conference.

"Jeff has positioned the company incredibly well for the future", said Brennan.

Yet investors were unimpressed.

GE will press ahead with cutting overhead costs by $2 billion by 2019 and boosting profits to $2 a share next year. At the same time, the S&P 500 index more than doubled, Reuters reported.

GE shares rose 3.1 percent to $28.80 before regular trading in NY. GE's current market cap is $251.3 billion.

Flannery, 55, who is now president and CEO of GE Healthcare, joined GE Capital about three decades ago.