Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001.
John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
"John is the right person to lead GE today," Immelt said in a statement. "He will be trusted by investors, our customers and the GE team."
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This article was written by a staff member of TheStreet.