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June 12, 2017 / 9:04 AM

John Flannery named new CEO of General Electric

John Flennery will become General Electric Co.'s new CEO and president, the company announced Monday, succeeding Jeffrey Immalt. Photo courtesy of General Electric Co.

John Flennery will become General Electric Co.'s new CEO and president, the company announced Monday, succeeding Jeffrey Immalt. Photo courtesy of General Electric Co.

June 12 (UPI) -- General Electric Co. CEO and chairman Jeffrey Immelt will be replaced by GE Healthcare President John Flannery, the company announced Monday.

Flannery will become CEO of the multinational conglomerate on Aug. 1 and become president on Jan. 1. Immelt will remain chairman until his Dec. 31 retirement.

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Flannery started his career at GE Capital and has held numerous positions throughout the company. He was involved in GE's acquisition of French locomotive builder Alstom, the shrinking of GE Capital and the sale of GE Appliances to the Chinese conglomerate Haier. He led a turnaround at GE Healthcare, a corporate statement said Monday.

Under Immalt, GE shed its financing and other non-core operations to concentrate on its industrial businesses.

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