Jeffrey Immelt Is Stepping Down as CEO of General Electric

Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001.
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General Electric Co. (GE) - Get Report  shares rose 3.6% in premarket trading after the industrial conglomerate said Jeffrey Immelt, chairman and CEO, plans to step down.

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.