General Electric's Jeff Immelt retires 3 months early

General Electric's Jeff Immelt retires 3 months early”

General Electric announced Monday that Jeffrey Immelt retired as director and chairman of the company's board of directors, about two months earlier than expected. The GE press release indicates that the change comes "in light of Mr. Immelt's determination that the CEO transition has proceeded smoothly".

Flannery had taken over Immelt's role as CEO at the start of August but Immelt had been expected to stay on as president and chairman until the end of the year.

Immelt also retired as a director and Chairman of the Board of Directors of Baker Hughes, a GE company or "BHGE".

GE shares gained more than 300% during Immelt's tenure as CEO from March 9, 2009 through June 12, 2017.

Then Immelt acquired businesses in the power, oil and gas sectors. He led the company through the financial crisis and then sold off numerous financial services businesses that Welch had added, along with GE's appliance unit and NBC television.

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