Flannery, head of GE Healthcare and a three-decade veteran at the conglomerate, will replace Immelt as of Aug. 1 in the CEO role, and at the start of next year in the chairman spot.
"There is no better person to lead GE than John Flannery," said Jack Brennan, GE's lead independent director.
Who will head GE Healthcare? Kieran Murphy, current CEO of GE Healthcare Life Sciences.
GE +2.5% premarket
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