Jeff Immelt confirmed Monday morning that he will step down as CEO of General Electric, effective Aug. 1. The conglomerate announced that John Flannery, president and CEO of GE Healthcare, will take over for Immelt, who will remain on as chairman until he retires at the end of the year. The multinational is billing the transition as part of a longer-term succession plan for the 61-year-old Immelt, who took over as CEO in 2001 after Jack Welch retired.
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