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GE's Immelt steps down, Flannery moves up amid Trian squeeze

GE has recruited its new CEO from the health-care division, as current Chief Exec Jeffrey Immelt is stepping down. The stock soared the most in 20 months.

Photo: /ritzau/AP/Thibault Camus

Jeffrey Immelt is stepping down as chairman and chief executive of General Electric Co., bringing to an end a tumultuous 16-year tenure in which he dramatically reshaped the manufacturing powerhouse but failed to win over Wall Street.

Amid mounting pressure from activist investor Trian Fund Management for operational changes, GE  said Monday that Immelt will be replaced by John Flannery, a 30-year company veteran who oversaw a jump in profits at the health-care unit. In a sign of just how great opposition to Immelt had become in the investing community, the stock soared the most in 20 months.

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