General Electric says Jeff Immelt is stepping down as CEO. John Flannery, president and CEO of the conglomerate’s health care unit, will take over the post in August.
The 61-year-old Immelt will stay on as chairman until his retirement from the position at the end of the year, with the 55-year-old Flannery stepping into the role after that.
In addition, Chief Financial Officer Jeff Bornstein was named vice chair.
GE said Monday that the moves were part of its succession plan.
Shares of General Electric Co. climbed more than 2 percent in premarket trading.