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GE's Immelt to step down; successor named

General Electric Co. Chairman and CEO Jeff Immelt has announced his plans to retire from the company.

Immelt, who led GE's transformation into a more focused digital industrial portfolio in the power, aviation, transportation, healthcare and oil and gas markets, will be succeeded by John Flannery as CEO on Aug. 1 and as chairman on Jan. 1, 2018. Flannery currently serves as president and CEO of GE Healthcare.

As part of the executive moves, Jeff Bornstein, who currently holds the CFO title, has been promoted to vice chairman.

"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," said Jack Brennan, lead independent director for the board.