What should investors make of the news that long-time General Electric (GE) - Get Report CEO Jeff Immelt is out and will be replaced by John Flannery? Cramer said he's holding onto the stock for Action Alerts PLUS and you probably should too.

In the sports world, the saying goes that you're only as your record says you are. In the case of Immelt, who's been at the helm of GE for the past 16 years, that record isn't a good one, with shares down 31% during a time that most other industrials were at least able to post double-digit gains.

Cramer said he still has a lot of respect for Immelt, who he called a smart man that did as well as it could given that GE was invested heavily in aerospace just after 9/11, and heavily in oil and gas just as the markets peaked in 2014. That said, Flannery, known for being tough as nails, could bring real change to GE, something that activist investor Nelson Peltz has been advocating for.

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Cramer said expectations will have to come down for GE in the short term, but he sees no reason to sell here given that any change is a good change and after the stock's rally today, the market seems to agree.

On Real Money, Cramer says the sale's still on and that's not something to freak out about. It's something to embrace. Get more of his insights with a free trial subscription to Real Money.

Cramer and the Action Alerts PLUS team say that the sell off threw a wrench into Snap-On (SNA) - Get Report . Find out what they're telling their investment club members with a free trial subscription to Action Alerts PLUS.

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At the time of publication, Jim Cramer's Action Alerts PLUS had positions in GE, SNA.