Updated June 12, 2017 7:29 a.m. ET
General Electric Co. said longtime leader Jeff Immelt will step aside as chief executive on Aug. 1, ending a 16-year run atop the conglomerate that he reshaped after the financial crisis but has struggled recently to boost profit.
GE said Monday that Mr. Immelt will be replaced by the head of the company’s health care business, John Flannery, and remain as chairman of the board until Dec. 31.
The company also said that finance chief Jeff Bornstein has been promoted to vice chairman.
Mr. Immelt, 61, has steered GE through the financial crisis and divested the bulk of the company’s once-massive lending business. While the share price is little changed from when he took over in 2001, the conglomerate has refocused on its industrial…
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