GE appoints new Chairman and CEO
June 12, 2017
John Flannery has been named CEO of GE by the Board of Directors effective August 1, 2017 and Chairman and CEO effective January 1, 2018
John Flannery, currently President and CEO of GE Healthcare, has been named CEO of GE Group effective August 1, 2017. Current Chairman and CEO Jeff Immelt will remain Chairman of the Board until his retirement from the company on December 31, 2017. Flannery will become GE Chairman and CEO effective January 1, 2018.
“John is the right person to lead GE today,” stated Immelt. “He has broad experience across multiple businesses, cycles and geographies. He has a track record of success and led one of our most essential businesses. Most important are his strong leadership traits – good judgment, resilience, a learner, team builder and a tough-minded individual and competitor. He will be trusted by investors, our customers and the GE team.”
“During this time of dynamic global markets and relentless focus on technology and operational excellence, there is no better person to lead GE than John Flannery,” added Jack Brennan, lead independent director of GE’s Board of Directors. “He brings unique experience and a strong skill set to the job.”
In addition to Flannery’s appointment, GE CFO Jeff Bornstein has been promoted to Vice Chair of GE and Kieran Murphy, GE President and CEO of GE Healthcare Life Sciences, has been promoted to president and CEO of GE Healthcare.
Flannery, 55, began his career at GE within the company’s financial arm in 1987. Since then, he has spent almost half of his career leading several businesses including GE Healthcare, GE’s presence in India, and the company’s business development team through the successful acquisition of Alstom’s energy and grid businesses. He also helped manage GE Capital’s $200 billion exit strategy, the Synchrony Financial IPO in 2014, and the disposition of GE Appliances, which closed in 2016.
In 2005, Flannery led GE Capital’s presence in the Asia Pacific region, where he reportedly grew earnings in Japan by 100%, in Korea by 30% and in Australia by 25%. In 2009, he relocated to India to lead GE’s presence in the country, upgrading the leadership team and building the culture for the company, and increased industrial sales in the country by 50%.
Since 2014, Flannery has led the turnaround of GE Healthcare and launched Sustainable Healthcare Solutions, which is focused on bringing disruptive technologies to healthcare providers across emerging markets. In 2016, the company stated, he increased organic revenue by 5% and margins by 100 basis points.
“Today’s announcement is the greatest honour of my career,” Flannery said. “I am privileged to have spent the last 16 years at the company working for Jeff, one of the greatest business leaders of our time. He has transformed the GE portfolio, globalised the company and created a vision for the GE of the future by positioning the company to lead in digital and Additive Manufacturing. In the next few months, my focus will be on listening to investors, customers and employees to determine the next steps for GE.”
