Much of Immelt's tenure has been marked by a dramatic overhaul of the conglomerate's disparate businesses - divesting things like GE Appliances or GE Plastics, largely exiting the company's finance arm, and making huge mergers or acquisitions in its industrial and oil and gas businesses. John Flannery, the head of GE's health care division, will take over in August.
GE traces its roots to 1878, when inventor Thomas Edison formed the Edison Electric Light Co.in New York City after having opened his famous laboratory in Menlo Park, New Jersey.
Smaller-company stocks did better than the remainder of the market Monday.
The stock was worth a bit less than $40 on Immelt's first day in 2001, with the U.S.in the middle of a recession.
Recent reports say GE is considering selling the lighting business, which could fetch about $500 million.
Analyst Robert McCarthy at Stifel Nicolaus wrote in a note to clients that the timing of the change in leadership was "unsurprising since the serial underperformance of the stock".
That pragmatism was on display during an interview Monday when Flannery said of GE's stock price, which has lagged competitors and market indexes, that "it's fair to say none of us are happy with the price right now". Technology stocks have far outpaced the rest of the market so far this year. The same amount invested in the S&P 500 index would be worth $3,206 today.
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Instead, the result has sown confusion and division in British ranks, just days before negotiations are due to start on June 19. Britain's political upheaval is just the latest test for the ability of the USA and Europe to lead in a turbulent world.
The company's shares rose 3.6 per cent in premarket trading as Flannery's appointment to the top job ends a six-year long succession planning program. Eastern time. The Dow Jones industrial ave.
Technology companies including IBM, Google, Microsoft, and Amazon.com are also applying their software to manufacturing and transportation applications, opening new rivalries.
Jack Brennan, GE's lead independent director, said in an interview that Flannery's combination of operating and investment skills - the "ability to think like an owner and operate like an industrialist" - were a big part of the choice the board made. The company acquired the power business of France's Alstom three years ago.
Immelt took over as CEO four days before the World Trade Center attacks and scrambled to reposition General Electric after GE Capital Corp.'s hidden risks almost pulled the company down in 2008.
GE Aviation also has two locations in the Dayton area and remains one of the world's biggest producers of jet engines.
The company said Kieran Murphy, president and CEO of GE Healthcare Life Sciences, will replace Flannery.
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