GE names John Flannery as CEO, Immelt to step aside

General Electric Co on Monday named veteran insider John Flannery as its next chief executive, taking over from Jeff Immelt who is stepping aside after 16 years as the head of the conglomerate he helped steer through the financial crisis but is now worth a third less than when he took over.

Under Immelt, GE sold off its finance, broadcasting, appliances and other units in order to focus on higher-margin service and software-related businesses and cut costs, but it failed to deliver profit growth as fast as some investors hoped.

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