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General Electric CEO Jeff Immelt Stepping Down

General Electric CEO Jeffrey Immelt is retiring. Photo Credit: Facebook
John Flannery is the new CEO of General Electric, which is now based in Boston. Photo Credit: Contributed

Jeff Immelt is stepping down as CEO of General Electric, which moved its headquarters last year from Fairfield to Boston.

John Flannery, president and CEO of GE's health care unit, will take over the post in August.

Immelt, 61, will stay on as chairman of the board until retiring at the end of the year. He moved from New Canaan to Boston last year when the conglomerate set up its headquarters in Massachusetts.

“John is the right person to lead GE today. He has broad experience across multiple businesses, cycles and geographies. He has a track record of success and led one of our most essential businesses. Most important are his strong leadership traits - good judgment, resilience, a learner, team builder and a tough-minded individual and competitor. He will be trusted by investors, our customers and the GE team,” Immelt said in a statement.

Immelt succeeded legendary GE leader Jack Welch as CEO in 2001.

Immelt led the transformation of GE into a simpler, stronger and more focused digital industrial portfolio aligned to key markets – power, aviation, transportation, healthcare and oil and gas, GE said in a statement.

His vision has positioned GE for the future and greatly strengthened the GE culture, GE said in a statement.

Last month, Immelt helped to break ground on the new headquarters for GE in Boston in a new hub of buildings along Fort Point Channel.

And word also came that Immelt and wife, Andrea, who have moved to Boston's Back Bay, have a buyer for their mansion in New Canaan .

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