Flannery, who will assume the CEO role August 1, seems poised to continue that emphasis.
General Electric Co said on Monday CEO Jeff Immelt would step down, capping a 16-year term that included steering the conglomerate through the financial crisis and divesting its struggling lending business. And I think we've got it well on track, " Mr. Immelt said at an investor conference. The company acquired the power business of France's Alstom three years ago.
He also worked on the shrinking GE Capital, the initial public offering of GE's Synchrony Financial unit and the sale of GE Appliances for $3.3 billion in 2014. He has transformed the GE portfolio, globalized the company and created a vision for the GE of the future by positioning the company to lead in digital and additive manufacturing.
"If you go through the assignments I've had, and I say this in all modesty, there have been results", Flannery said. "We're not starting from a weak position at all".
Mr Immelt said he'd been planning for several years to step down around now, and the final agreement came at last Friday's board meeting. After more than a century in operation, the company has been willing to change to meet the evolving demands of today's grid.
Flannery, 55, current president and CEO of GE Healthcare, will succeed Jeff Immelt, 61, who will remain board chairman through his retirement from the company on December 31, when Flannery will take over the chairmanship. Last month, Mr. Immelt told analysts the board had been working on succession plans but didn't indicate a decision was imminent.
It all added up to a 30% fall in GE's market value since 2001when Immelt replaced the fabled Jack Welch who led the company for two decades.
Gunfire heard at Mali resort area popular with foreigners
Special forces and soldiers were at the scene to assess the impact of the attack, police spokesman Kali Diakite said by phone. AQIM claimed the assault, saying the gunmen were from the Al-Murabitoun group of Algerian extremist Mokhtar Belmokhtar.
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.
Despite a corporate overhaul that many lauded, Immelt has not had the same success as Welch did with the stock. Trian immediately pushed for asset sales and cost cuts.
Even if it didn't force the CEO change, Trian will likely continue to wield influence. It said its board set the summer of 2017 for Immelt's departure as far back as 2013.
Analyst Robert McCarthy at Stifel Nicolaus wrote in a note to clients that the timing of the change in leadership was "unsurprising since the serial underperformance of the stock". General electric is 125-years-old and is the oldest member of the Dow Jones Industrial Average.
Flannery began his career at GE Capital in 1987, where he focused on evaluating risk for leveraged buyouts.
Immelt won widespread praise in 2015 for a plan to sell the bulk of the volatile GE Capital business and closing the Alstom deal amid heavy political pressure in France.
The missing sailors from the United States destroyer found dead
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Cosby trial jurors call it quits for night Cosby maintained that Constand was a willing sexual partner and she hid the fact that the two had a romantic relationship. Constand denied there was any romance between them and told jurors she had rebuffed his advances before the assault.
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Trump attorney says president not under investigation Trump's announcement to roll back President Obama's Cuba policies and Wednesday's shooting in Alexandria, Virginia. None indicated the context Sekulow said was intended. "That's the constitutional threshold issue", Sekulow said.
Russia get off to winning start in Confederations Cup Smolov's goal was rightly ruled out for offside, but dominant Russian Federation were not to be denied, taking the lead on 31 minutes.
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Champions Trophy final: India opt to field against Pak
Fast bowler Mohammad Amir has recovered fully from back spasm and has been recalled in the playing XI in place of Ruman Raees. However, they came to England at the back of ODI series win over West Indies.
USA congressman Scalise still in critical condition: hospital
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China police blame lone bomber for killing 8 at kindergarten gate
The motive was not immediately known and police did not say whether the kindergarten was the target. Officials later said the fire was started by the driver who was angry about losing overtime wages.
Canaccord Genuity Reaffirms Hold Rating for Barratt Developments Plc (BDEV) Finally, Shore Capital reiterated a "hold" rating on shares of Close Brothers Group plc in a research note on Tuesday, March 14th. Valley National Advisers Incorporated holds 0% of its portfolio in 3D Systems Corporation (NYSE:DDD) for 62 shares. (NASDAQ:CA).
Bill Cosby's attorney says he is anxious about entertainer's health
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Tupac Biopic 'All Eyez on Me' Nabs $27M at Box Office
The latest revival of the original Mummy made in 1932 took in US$13.9 million in its second weekend . The raunchy comedy " Rough Night " got off to a rough start in seventh place.