News that long-time chairman and CEO of General Electric is stepping down is creating speculation about what it means for the newly relocated Boston-based company.
This morning, GE announced that Jeff Immelt, 61, will retire after running the company for 16 years. Taking over for Immelt is John Flannery, currently the head of GE's health care unit. Flannery, 55, will take the reigns effective August first.
Immelt will remain board chairman through December 31, when Flannery will take over as chairman.
I think that bodes well for Boston. One of our economic engines is health care.
WGBH contributor and Boston Globe business columnist Shirley Leung said Flannery's appointment is good news for Boston and the health care industry.
"I think that bodes well for Boston," said Leung. "One of our economic engines is health care." Leung added that last month, GE and Partners Healthcare announced an ambitious artificial intelligence project.
"During this time of dynamic global markets and relentless focus on technology and operational excellence, there is no better person to lead GE than John Flannery," said GE spokesperson Jack Brennan in a statement. "Flannery brings unique experience and a strong skillset to the job."
Leung said that on one-hand, she was surprised by Immelt's announcement, but on the other hand, many knew that Immelt's time was coming to an end after such a long tenure.
To listen to the entire interview between WGBH Contributer Shirely Leung and Morning Edition host Bob Seay click on the audio file above.
