Immelt oversaw the company's corporate headquarters study and eventually decided to shift GE's headquarters from Fairfield, CT to Boston. On May 8^th Immelt was joined by Massachusetts Gov. Charlie Baker and Boston Mayor Marty Walsh for the official start of GE's Innovation Point project that when completed will be home to 800 GE employees.

Immelt has been chairman and CEO since 2000. He joined GE in the corporate marketing department in 1982 and rose through the ranks including serving as vice president and general manager of GE Plastics America from 1993 to 1996 and senior vice president and later president and CEO of GE Medical Systems from 1996 to 2000.

Flannery, 55, began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve the companies' operations. In 1997, he moved to Argentina where he successfully led GE's Equity business in Latin America and the overall GE Capital business for Argentina and Chile.

In 2002, he became the president and CEO of GE Equity. In 2005, he moved to Asia where he was responsible for the Asia Pacific region for GE Capital, and while there, he grew earnings in Japan by 100 percent, in Korea by 30 percent and in Australia by 25 percent. In 2009, he moved to India to lead the country for GE.

In 2013, he was tapped to lead business development at GE Corporate where he focused on capital allocation for the company and led the acquisition of Alstom, the largest industrial acquisition in the company's history. He also worked on shrinking GE Capital, the Synchrony Financial IPO, and the disposition of GE Appliances. Since joining GE Healthcare in 2014, Flannery led the turnaround of the business, increasing organic revenue by 5% and margins by 100 basis points in 2016, the company notes.

Commenting on Immelt's 16 years leading the company, Jack Brennan, lead independent director for GE's Board of Directors, stated, “Jeff has positioned the company incredibly well for the future. He executed a massive portfolio transformation and navigated the company through economic cycles and business disruptions. Today, GE is a high-tech industrial company with a bright future.”

He later added, “The plan for the GE CEO transition process was set in 2011. With the GE Capital pivot behind us and the company's transition to Boston complete, this is the ideal time for change. The board is confident that in the years to come, GE investors and employees will benefit from Jeff's hard work.”

General Electric

BOSTON—The man chiefly responsible for bringing General Electric's corporate headquarters to the Seaport District in Boston—Jeffrey Immelt—is retiring from GE at the end of this year.

GE reported on Monday that Immelt will step down as CEO of General Electric effective August 1 and relinquish his post as chairman of the board upon his retirement from the company on Dec. 31, 2017. Replacing Immelt as CEO in August will be John Flannery, who is the current president and CEO of GE Healthcare. Flannery takes over as GE chairman on Jan.1, 2018.

The company also announced that Kieran Murphy has been appointed president and CEO of GE Healthcare, effective immediately. Murphy is currently president and CEO of GE Healthcare Life Sciences. Rounding out the executive shuffle at GE, Jeff Bornstein, current CFO, will take on the added role of vice chair of GE.

GE stressed in its press announcement that the executive moves are part of a succession plan that was established by the GE Board of Directors since 2011.

Immelt oversaw the company's corporate headquarters study and eventually decided to shift GE's headquarters from Fairfield, CT to Boston. On May 8^th Immelt was joined by Massachusetts Gov. Charlie Baker and Boston Mayor Marty Walsh for the official start of GE's Innovation Point project that when completed will be home to 800 GE employees.

Immelt has been chairman and CEO since 2000. He joined GE in the corporate marketing department in 1982 and rose through the ranks including serving as vice president and general manager of GE Plastics America from 1993 to 1996 and senior vice president and later president and CEO of GE Medical Systems from 1996 to 2000.

Flannery, 55, began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve the companies' operations. In 1997, he moved to Argentina where he successfully led GE's Equity business in Latin America and the overall GE Capital business for Argentina and Chile.

In 2002, he became the president and CEO of GE Equity. In 2005, he moved to Asia where he was responsible for the Asia Pacific region for GE Capital, and while there, he grew earnings in Japan by 100 percent, in Korea by 30 percent and in Australia by 25 percent. In 2009, he moved to India to lead the country for GE.

In 2013, he was tapped to lead business development at GE Corporate where he focused on capital allocation for the company and led the acquisition of Alstom, the largest industrial acquisition in the company's history. He also worked on shrinking GE Capital, the Synchrony Financial IPO, and the disposition of GE Appliances. Since joining GE Healthcare in 2014, Flannery led the turnaround of the business, increasing organic revenue by 5% and margins by 100 basis points in 2016, the company notes.

Commenting on Immelt's 16 years leading the company, Jack Brennan, lead independent director for GE's Board of Directors, stated, “Jeff has positioned the company incredibly well for the future. He executed a massive portfolio transformation and navigated the company through economic cycles and business disruptions. Today, GE is a high-tech industrial company with a bright future.”

He later added, “The plan for the GE CEO transition process was set in 2011. With the GE Capital pivot behind us and the company's transition to Boston complete, this is the ideal time for change. The board is confident that in the years to come, GE investors and employees will benefit from Jeff's hard work.”