GE's Immelt steps down as chief after 16 years

John Flannery will take over as CEO on August 1

Jeffrey Immelt is stepping down as chairman and chief executive of General Electric (GE), ending a 16-year tenure in which he dramatically reshaped one of the world’s top manufacturers yet struggled to win the approval of Wall Street.

John Flannery, a 30-year GE veteran who currently heads up the health care business, will take over as CEO on August 1, the Boston-based company said on Monday in a statement. The 55-year-old will assume chairman duties following Immelt’s retirement on December 31.

Immelt is leaving after months of stepped-up pressure from activist investor Trian Fund Management, which called on GE to improve performance