General Electric Co. CEO Jeff Immelt will be replaced in the role by GE Healthcare executive John Flannery in August, the company announced Monday.
Immelt will retire from the company entirely, including in his role as chairman, on Dec. 31, according to GE (NYSE: GE).
The move puts an end to months of speculation that Immelt, who has been GE CEO for more than a decade and a half, would soon leave the role. Immelt has been under pressure from investors to improve the company’s performance.
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