GE has announced that John Flannery, current President and CEO of GE Healthcare, has been named CEO of the company by the GE Board of Directors effective August 1, 2017 and Chairman and CEO effective January 1, 2018. Jeff Immelt, Chairman and CEO, will remain Chairman of the Board through his retirement from the company on December 31, 2017. In addition, Jeff Bornstein, current CFO, has also been promoted to Vice Chair of GE.
Mr. Flannery began his career at GE Capital in 1987 where he focused on evaluating risk for leveraged buy-outs. In the 1990s, he was a leader in the corporate restructuring and workout group, where he was known for his negotiating skills and ability to improve companies’ operations. In 1997, he moved to Argentina where he successfully led GE’s Equity business in Latin America and the overall GE Capital business for Argentina and Chile.
In 2002, Mr. Flannery became the President and CEO of GE Equity. In 2005, he moved to Asia where he was responsible for the Asia Pacific region for GE Capital and in 2009 he moved to India to lead the country for GE. In 2013, he was tapped to lead business development at GE Corporate where he focused on capital allocation for the company.