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General Electric CEO Jeff Immelt is Stepping Down

John Flannery will take over from Immelt, who will also retire as GE chairman at end of year.

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General Electric CEO Jeff Immelt is stepping down, the company announced Monday, ending a 16-year-term that included the expert navigation of the financial crisis, which nearly put an end to the maker of wind turbines, jet engines and locomotives.

John Flannery, the current head of GE Healthcare, will replace the 61-year-old as CEO, effective Aug. 1,, Reuters reported.

Immelt will remain chairman until he retires on Dec. 31.

Read full story at Reuters