Flannery Named Chairman and CEO of GE
Jeff Immelt, chairman and CEO, will remain chairman of the board through his retirement from the company on December 31, 2017.
GE recently announced that John Flannery, current president and CEO of GE Healthcare, has been named CEO of the company by the GE board of directors effective August 1, 2017, and chairman and CEO effective January 1, 2018. Jeff Immelt, chairman and CEO, will remain chairman of the board through his retirement from the company on December 31, 2017. In addition, Jeff Bornstein, current CFO, has also been promoted to vice chair of GE. These leadership announcements are the result of a succession plan that has been run by the GE board of directors since 2011.
“During this time of dynamic global markets and relentless focus on technology and operational excellence, there is no better person to lead GE than John Flannery,” said Jack Brennan, lead independent director for GE’s board of directors. “He brings unique experience and a strong skill set to the job. John has spent almost half of his career living outside of the United States and has led complex financial and industrial businesses all over the world, including running GE Healthcare, GE in India and the business development team for GE through the successful acquisition of Alstom. John has had a direct influence on the company’s direction, its financial health and its position as the world’s premier digital industrial company.”
Flannery began his career at GE Capital in 1987, where he focused on evaluating risk for leveraged buy-outs. Since joining GE Healthcare in 2014, he has led the turnaround of the business, increasing organic revenue by 5% and margins by 100 bps in 2016. He positioned GE Healthcare for continued success with technology leadership in core imaging, created digital platforms and solutions, expanded Life Sciences through bioprocess solutions, and added key technology to its cell therapy systems business. He also launched Sustainable Healthcare Solutions, which is focused on bringing disruptive technologies to healthcare providers across emerging markets.
“Today’s announcement is the greatest honor of my career,” said Flannery. “I am privileged to have spent the last 16 years at the company working for Jeff, one of the greatest business leaders of our time. He has transformed the GE portfolio, globalized the company and created a vision for the GE of the future by positioning the company to lead in digital and additive manufacturing. In the next few months, my focus will be on listening to investors, customers and employees to determine the next steps for GE.”
For more information, visit www.ge.com.