This appointment is effective from August 1.
With General Electric’s Chief Executive, Jeff Immelt, 61, retiring the company has selected John Flannery, who currently heads GE’s healthcare unit, as his replacement.
Flannery will become GE’s CEO and chairman from August 1.
With the news hitting the market, the company’s shares rose by 3.6% in premarket trading.
Jeff Immelt, who took over the reins of the company in 2001 from Jack Welch, has been credited in steering the company through the 2007-2009 financial crisis, which rampaged through the locomotives, jet engines and wind turbines manufacturers with devastating effect.
It was Immelt who decided to restructure GE Capital and shifted the conglomerate’s focus from financing to manufacturing.
As for Flannery, 55, he is currently the president and CEO of GE Healthcare. He joined the company 30 years ago. He was overall chief of GE’s equity business in Latin America and the overall GE Capital business for Argentina and Chile.
He has been instrumental in leading GE’s healthcare business, and increasing the company’s organic revenue by 5% and margins by 100 basis points in 2016, said GE.
Kieran Murphy who is currently the president and CEO of GE Healthcare Life Sciences will replace Flannery, said GE.