Immelt’s 4-Year Exit Process Came Down to Flannery, Bornstein
- Departing CEO says 2017 retirement was first plotted in 2013
- As GE stock falls, some say investor pressured the timing
GE's New Head Will Target Cash, Growth
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Despite increased pressure this year from a prominent investor to boost profitability, Jeffrey Immelt says his retirement as General Electric Co.’s chief executive officer was first planned in 2013.
The years-long process eventually narrowed the candidates to John Flannery, 55, who runs GE Healthcare, and Jeff Bornstein, the 51-year-old chief financial officer, according to a person close to Immelt. The board selected them as finalists after lengthy interviews last month at an offsite location in New York. Flannery said he got a phone call Friday offering him the CEO job. Bornstein was promoted to vice chairman.