General Electric’s Jeffrey R. Immelt resigned as director and chairman of the company’s board of directors. John Flannery, who assumed control as CEO from Immelt in August, was chosen as the new chairman, GE said in an announcement on Monday, Oct. 2. Immelt left because “the CEO transition has proceeded smoothly,” the organization said.
Immelt also resigned as the director and chairman of the Board of Directors of Baker Hughes, a GE organization. The BHGE Board of Directors chose Lorenzo Simonelli, president and CEO of BHGE, to succeed Immelt as chairman and chose W. Geoffrey Beattie to fill in as lead independent director. Immelt, 61, had been required to step down as director of Boston-based GE towards the end of this year. Immelt pulled himself out of consideration for the top job at Uber in late August.
The move quickens GE’s leadership alteration as Flannery, under immense pressure from dissident investor Trian Fund Management, looks to reverse the current year’s greatest stock drop on the Dow Jones industrial average. Under the new supervisor, GE has said it will offer its armada of corporate jets and let loose of its industrial products operation to ABB. Flannery is relied upon to outline and strategize his ideas for GE’s arrangement of businesses next month. GE shares have tumbled 22 percent this year. GE climbed less than 1 percent to $24.66 after the close of regular trading in New York.
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